Unreal Engine 3 is a complete game development framework for next-generation consoles and DirectX9-equipped PCs, providing the vast array of core technologies, content creation tools, and support infrastructure required by top game developers.
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UDK comes equipped with a powerful material system, complete with a visual interface comparable to the non-real-time functionality provided by XSI and Maya, so you can create arbitrarily complex real-time shaders on the fly.