"We will have our next engine ready by that, independently whether there will be hardware or not. We are assuming based on the cycle -- the Moore's Law -- and everything," Yerli told us. "If you predict the computational power and trend. You kinda know how much CPU and GPU will be there and trend. If you take those things into account you can sort of predict where things are going."
Yerli explained that the more console-centric CryEngine 3 will have more updates in the meantime, but its next "major architectural version" of the CryEngine should be ready by 2012. He wasn't sure if they'll call it the CryEngine 4 (our money says: they will).