Crytek's Next Engine in 2012

Speaking at Games Convention Developers Conference 2008 in Leipzig, Germany, Crytek' CEO and President Cevat Yerli said the studio's next engine should be ready for sometime in 2012. As of right now, he says the degree to which graphics can represent real-life is bottlenecked by a lack of new hardware. He says GPU and CPU technology are converging, evident in the new technology in development at Nvidia and ATI as well what Intel's doing with Larrabee.
Crytek's previous engines include the CryEngine 1, which powered the first person shooter Far Cry in 2004 and CryEngine 2, which was used for Crysis as well as the upcoming Crysis Warhead. Yerli believes this engine technology will be more than sufficient in powering games through 2012 when he expects Microsoft and Sony to release their new consoles. As of right now, Crytek is working to increase efficiency with its CryEngine 2 for PC, Xbox 360, and PS3 platforms. Yerli mentioned that the PS3 required an extra degree of work but the company is convinced its worth the effort to get the engine running properly on Sony's platform.