I'm curious if Bungie has developed an entirely new engine for Destiny. I could imagine it's some gorgeous frankenstien of the previous engine too.
I still have yet to see any VFX examples from the trailers and can't wait to see how they look. (Aside from the one clip of an alien 'channeling' energy)
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You really don't develop completely new engines very often unless you are in the buisness of making engines for other people. It's always going to be a gorgeous frankenstein of the previous one, with certain systems gutted and completely redone and such.