Yeah. It's EXACTLY like that:
Epic games licensed UE to Bioware, so they were then obligated to go through with their sub par graphics. Basically they ordered a pizza with their credit card and it arrived cold, soggy and molded, but they couldn't change their mind because it didn't say anywhere in the contract that they would receive a hot, crispy, fresh pizza.
But, now that the contract is up, it looks like the next mass effect and dragon age games will get the treatment they deserve. http://m.joystiq.com/2013/03/28/next-mass-effect-dragon-age-3-powered-by-frostbite-3/
Just promise me one thing. While you're playing mass effect 4, and you keep saying over and over again in your head "this can't be a video game. Its gotta be live action", just remember this convo, and why it looks so good compared to the others.
And think of all the wasted time with unreal engine. You will then feel the hatred for unreal stirring in your soul, and thats how believers are born.