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check out the engine here: http://www.gametrailers.com/video/gdc-11-cryengine-3/711208
check out licensed gaming projects on the engine here: http://www.gametrailers.com/video/gdc-11-cryengine-3/711210
Pay special attention to the Unknown MMO game running on the Cryengine 3. Soms scenes remind me of Uncharted 2.
Also the game ArcheAge Online that has been known for running on the Cryengine 2, will make the step to Cryengine 3. What we can expect from the update is still unknown.