Looks like Crytek finally decided to make a reply to UDK. Disappointed it's only offered to educational institutions - I would love to be able to use it for non-commercial products. More info here: http://mycryengine.com/index.php?conid=42 and here: http://crymod.com/thread.php?threadid=56434
At school here we checked for an educational license for CryEngine 2, it was some ridiculously high price, 250k I think. This only seems like a correct thing to do compared to that.