This is simply amazing! Take a look:
http://www.youtube.com/watch?v=L3NwYj-zgJk

I can't help but get excited when I see things like this running on a mobile device. First the Rage demo and now a wonderful showcase of the Unreal engine, with fantastic graphics on the iPhone 4. While not at the level of current consoles, these visuals are easily at the level of last-gen consoles!

Considering the Unreal Tegra demos, I suspect that this engine (in some incarnation) will likely make its way to android as well in the future -- though this is purely speculation.

What do you think?