As far as I know, there won't be ANY unreal 3 engine games released before next year. UT2007 is planned for "early" next year. Who knows when exactly that will even end up being... I don't see how you could expect a 3rd party developer to be finished with an even more complex game around the same time as the same company who developed the engine.
I don't see what the surprise here is. They haven't even begun beta testing and this will be one of the trickiest game designs in awhile. It certainly will require more beta testing than a classic mmorpg model.
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