I happened upon this info. Seems to be in the early stages, geared for iPad 2. It will be a survival horror title. If anyone can take this info and clean it up for this topic, it might help. I'm not too good at that. http://forums.epicgames.com/showthread.php?t=774477
Looks to be a very ambitious survival horror title geared towards higher end devices. Exploration, combat, and a deep story seem to be their goals. They mention gyroscope and accelerometer controls, and obviously it's using UDK.
Thanks and great job! I'm super stoked to see this materialize into something worthwhile. More UDK iOS games are needed, and survival horror is an under represented genre on the AppStore. Let's hope this develops beautifully.