Crytek have announced the availability of their latest engine, CryENGINE 3 for developers. The announcement came also with the launch of the official CryENGINE 3
website. A trailer to show off some of the engine's powers can be found here. Word is:

"CryENGINE 3 also introduces CryENGINE 3 Live Create™. It allows developers to work with a single editor, but see and play the results in real-time on PC, PS3 and Xbox360, hooked up to a single dev PC. The engine takes care of the conversion and optimization of assets in real-time; enables instant, cross-platform changes to any part of game creation and as a result materially increases the speed, quality and significantly reduces the risk of multiplatform development."