Following the launch of their Unreal Engine 4 tech in March, Epic have been working with Sony and Microsoft to finalise the details of using their engine on PS4 and XBox One. On 24th April Epic announced that this process is complete, and all registered Playstation and Xbox developers now have complete access to the full UE4 engine and source code for their respective consoles. This is all available within their $19/month (+5%) subscription model.
According to the Epic blog, the initial release of UE4 for consoles will be source code only, so will require compiling before use. Subsequent releases will be provided as binaries which artists and designers can use without the need of a programmer.
This is an amazing breakthrough for console developers and really opens up the playing field for everyone from indie developers to large studios to push content onto the next gen consoles.