The good news: the developers at Epic Games have already retired their hard hats and claim that the basic game is complete. They'll spend up to a year spit-shining the environments and balancing the gameplay. While many other developers are building their next-gen games with Epic's top-drawer Unreal 3.0 engine, the muscle behind UT2007, which speaks well for the game's potential.
Once you see UT2007, there may be no going back. Start saying goodbye to the last generation of games now, and make sure you have an HDTV by the time this one comes out. UT2007 is on track to scorch eyeballs this fall.