With regards to PC gaming, as much as I'd like to be positive about it with regards to Unreal, I really can't be. The boat as sailed on "fast" FPS games, with a few very rare exceptions.
The new UT has come to nothing, Quake's new incarnation isn't exactly whipping up excitement, Tribes: Ascend (still the closest any recent game has come to having "that" feel UT had back in the day) could have been amazing if Hi-Rez hadn't abandoned it completely.
With the sole (but massive) exception of Overwatch, all the futuristic FPS games on PC that have managed to gain traction have been single-player focused. DOOM and Prey being a prime examples.
Developers like Epic and id forgot about story, they forgot about making games and they've become almost irrelevant now. Could you imagine id being an afterthought in 1999? Or Epic in 2002? No, you couldn't. They ended up becoming engine-makers and left the games fall the the wayside. Compare that to Valve that kept creating quality content time and time and time again, from HL2 to DOTA 2 to it's involvement with CS:GO.
Now look at the feeding frenzy that's the Steam Sale every year. Valve drives that. Because they built an empire based on a platform it used to sell it's own games. Games that were classics. Blizzard's done the same. They've thrown massive resources at a few amazing games and designed them to appeal to a wider audience, rather than trying to nail down the mystical "hardcore" crowd that cared about boost-dodging and CPMA air control. You build a game with enough players and you'll create a thriving multiplayer scene automatically as long as the tools are there to create it.
While Epic's spent the last decade producing nothing of any value whatsoever.