Crytek announced that the CryEngine 3 Educational License is now available for free. Just shoot them an email and see if you qualify! (like, if ur involved in an ambitious project/mod). It says u can only get it if ur an "educator." But a friend of mine has proven this not completely true. lol
http://www.crytek.com/news/news/?tx_ttnews[tt_news]=165&tx_ttnews[backPid]=1&cHash=8966bc7019
Im very excited because CE3 allows you to swetch between differed and forward rendering systems on the fly! YAY for REAL-TIME GLOBAL LIGHTING!!!
http://mycryengine.com/index.php?conid=42
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No light baking means I might have to try to learn the cry engine instead of the Unreal
It's not free, it's a focused license that does not allow commercial projects (according to the CRYTEK website).