CGR has gotten ahold of Mike Dussault and interviewed him about various things, most importantly about Lithtech2 and some video cards (NV10!). Here's a bit about the whole engine thing:

CGR: John Carmack has stated a few ways he sees game engines going, what do you see in future versions of LithTech?

Mike Dussault: I see it turning into a more well-organized online world database, similar to the web. The objects and game code would be the HTML and Lithtech the browser. Servers would be connected together and players could play in a virtually infinite space.  I think in a couple years image quality won't be the hot topic anymore. We've seen a dramatic increase in 3D acceleration in the past couple years that will only continue, but processor speeds aren't keeping up. That's not to say people won't be astounded by cool graphics, but I think it will be things like enormous landscapes with a lot of interesting things happening, not the fact that you're running at 2048x2048 instead of 1024x768. I think flexibility, ease of use, and most of all, networking will become much more important