I guess that the Unreal guys will move finally to deferred rendering, as Crytek, and will start throwing in tesellation besides, In fact, the path of the middleware i think that will be aimed to the ease of use, because the graphics can hardly improve. And let's not forget that ultrarrealistic graphics were posible since a long time, only on prerrendered images, of course, so, all of this is already invented. Only now it can render in real time.
Right now, for the unreal engine to be complete, they should practically include in their editor a 3D modeller. Blender should make its way into it