I did some testing with the Unreal engine a few months ago. The work-flow is ok, but you have to learn it. Some options are a bit hidden. The model import is not very fast. You have to import the mesh, create materials, apply materials. It is not an automatic process. UE3 handles shading very exactly. A completely smoothed model looks ugly in UE3. You have to carefully check hard edges and smoothing groups.
But if you do all this then you can create beautiful sceneries.

The level editor is not that different compared to WED. You can use cg brushes, booleans, automatic texturing. But you can also use static meshes with thousands of polygons and static shadows are still very good. The level and lighting compilers work fast and reliable. It is really fun if you once worked with WED.

I am not sure about scripting and programming. It looks like there is a graphical and a text based scripting language (object oriented approach). I did not find any hints about a C++ API.

I was shocked about the fact that there is everything included, AI and even SpeedTree. How can indie engines survive this?

But at Dexsoft we are really happy. A lot of new game developers can start this hobby now. Many modders will start commercial projects. It will be a great time.