Consoles are so far behind now that it's absurd that they still exist. Even the Wii U at launch will be obsolete compared to even the average gaming PC that is already a couple of years old (basically, if you are running a desktop with an AMD 5850 or better graphics card and an i5 quad core, it's already better then the Wii U). Graphics hardware technology has advanced so much in the last several years and the fact that Sony and Microsoft didn't release consoles last year or even this year baffles me as they are hindering PC gaming from moving forward.
And Unreal Engine 3 won't be running without modifications on consoles, not unless they are super high end and comparable to a higher budget gaming rig today that is running a 7970 or GTX 680 for graphics, which I know Sony and Microsoft both won't attempt unless they want to go out of business.