Crytek have announced a new CryENGINE in anticipated of demonstrating it to potential licensees at GDC in a couple of weeks:
“CryENGINE 3 is a revolutionary change from our previous PC-only engines – and we’re applying a similar revolution to the service we provide to developers using the software to create extraordinary games. CryENGINE 3 will set the benchmark for complete game engine solutions in performance, and services to game engine licensees and their players. We’ve been preparing a long time for CryENGINE on consoles and we’re confident that Crytek will again amaze developers at GDC.” added Carl Jones, Director of Business Development CryENGINE.
No screenshots or video available just yet but I suspect that'll come pretty soon. Some more information is available in the press release