The image below has been making the rounds online as an example of how the recently announced Unreal Tournament sequel looks, and compared to the visuals in UT3, it's pretty darned impressive.
Turns out, though, that this image is just a bit of concept art, a mock-up made by one of the designers at Epic intended to establish the visual style of the next UT title, which is still in its infancy. You can see more of this concept level, taken from directly inside the Unreal Editor 4 application, in the video below from Epic Games. The images are being generated in real time.
The designer explains that this, erm, Portal-inspired look is intended to be clean and industrial-feeling, with just a splash of color, so that it's visually interesting while still allowing characters to stand-out from the background. That makes sense to me. I'm just ready for a modernized UT game that looks like this and plays like an updated version of UT2004.