This sounds great, but I'm curious about a few things:
1. Does this mean there will be a slowdown in the development of the current game? (division of man hours)
2. How different do you think the hardware requirements might be for the unreal branch?
3. Do you think the unreal branch is likely to run on Linux? ( either native or via wine )
1.) Not a PS dev so that one I don't know about.
2.) For windows again I don't have a clue, but for linux you will need a 64 bit OS. UE4 can do opengl 3.2 and 4.2 level of graphics so if your system meets those requirements then you already have a good start, if not its time to come out of the early 2000's
On linux like any other game out there, you will have issues with amd cards, just let the people in #UE4Linux on freenode know and we can (try at best) help you through these issues, if not we can point you in the right direction to report the issue.
3.) You can compile and run the Editor in linux so you definitly run the games you make for linux on it, its more of choice and not technical issues that stop developers who are using UE4 to port their games to linux.
System requirements for the editor(not a game)
Desktop PC or Mac (or Linux, unofficial atm)
Windows 7 64-bit or Mac OS X 10.9.2 or later, (again Linux 64bit ubuntu based distor (centos7, opensuse 13.2, gentoo will also work fine but arch has some issues atm) , unofficial)
Quad-core Intel or AMD processor, 2.5 GHz or faster
NVIDIA GeForce 470 GTX or AMD Radeon 6870 HD series card or higher( an GTX 750 ti works fine, you will need to turn down some graphics stuff in the editor though)
8 GB RAM (on linux for development you probably want no less then 16 GB of ram, mainly because of shader compiliation)
UE4 will run on desktops and laptops below these recommendations, but performance may be limited.
https://wiki.unrealengine.com/Linux_Supporthttps://wiki.unrealengine.com/Linux_Demos (note these demos were cross compiled from windows to linux.)
There are a ton of settings that you can turn on or off in regards to level of graphics the game will use, all the PS devs need to do is to add the options to the menus ( hint hint hint), Seriouly UE4 can run on iOS and Android tablets(though I think they are arm Android tablets) so no one should really have any serious issues.
You have any questions feel free to post them on the forums.unrealengine.com or come to #UE4Linux or #unrealengine irc channels.