During GDC, Epic has been showcasing a new demo of Unreal Engine 4 capabilities, named "Infiltrator". Public announcement should come later, but video of it is already in the web. The demo is mostly set in some futuristic factory and then proceeds to show some combat and panoramic shots of the environment. The utilisation of advanced lightning and particle effects gives a very beautiful view. At the moment, we don't know if this demo serves only as showcase of the engine or is related to some future game. We also lack information about the hardware used to run and the resulting framerate. When the new info appears, we will post an update. Stay tuned.

Update: NVidia just posted more details about "Infiltrator" on their site. The demo runs on a single GTX 680, framerate wasn't mentioned, but judging by the video it is constantly over 30 FPS. Graphical and image quality features were also mentioned:

New material layering system, which provides unprecedented detail on characters and objects

Dynamically lit particles, which can emit and receive light

High-quality temporal anti-aliasing, eliminating jagged edges and temporal aliasing

Thousands of dynamic lights with tiled deferred shading

Adaptive detail levels with artist-programmable tessellation and displacement

Millions of particles colliding with the environment using GPU simulation

Realistic destructibles, such as walls and floors

Physically based materials, lighting and shading

Full-scene High Dynamic Range reflections with support for varying glossiness

Illuminating Engineering Society (IES) profiles for realistic lighting distributions.