if you were expecting cinematic like quality ue4 pushes it close to that but still far out. "next" gen is all about texture, resolution, and post processing effect improvement. Finally consoles games won't be in sub-hd resolutions upscaled to 720/1080... next gen is just an improvement in looks, performance, and extending limitations on what you can create in ue3.
ue4 is gonna be great for pc. Unreal Tourney reboot epic.....come back to the crowd that made you.