Bad decision, the name matters a lot.
I love UT2k4 (the game) but there are a lot of people who went off it around UT2k3 and didn't move onto ut2k4.
Continuing the 2kx name convention is unlikely to bring those people back, or attract anyone who didn't like the UT2kx games as it will give people the impression that the game is just an upgrade on the old, rather than an all new game.
Epic need to try to communicate that this is an all new game with a new engine and a new gameplay, and the best way to do that is with a name that signifies this.
It should be UT3. Nothing else.