64-bit color High Dynamic Range rendering pipeline. The gamma-correct, linear color space renderer provides for immaculate color precision while supporting a wide range of post processing effects such as light blooms, lenticular halos, and depth-of-field.If your eyes glaze over when you read such things, you'll still want to look at all the pretty pictures in the overview, which demonstrate the effects associated with said fancy descriptions. Just keep scrolling down and clicking through to see all the pictures, or you'll miss some amazing visuals, like this uber-high-poly scene with HDR glows or this amazing example of what characters will look like. Even the tools are impressive, including the snap-together visual material editor for creation of surface shaders.
I've seen the whole UE3 dog-and-pony show running in real time on a GeForce 6800, and it ran fairly smoothly. Makes Far Cry look kind of primitive, amazingly enough.