
The Wall Street Journal reports that the application, like the UDK (http://www.udk.com/), will be completely free to download and use for hobbyist purposes and offer a licensing/royalties model where developers using the engine commercially will have to pay a $99 licensing fee and 25% royalties to Epic Games after the first $5,000 in sales etc.
Eagerly awaiting this, if this is an app matching the quality of the UDK and at the same time easily accessible, it could definitely revolutionise iPhone/iPad game development and perhaps mobile gaming as a whole. As an educator as well, and someone teaching Unreal on several different units in Higher Education, this again is very exciting news.
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