It is. I've had 2 years experience mapping in engines that use that type of geometry, like RED, and I opened UnrealEd and I was floored. It's incredible and complex.
Although the Special DVD edition for the same price as the CD one comes with hours of editing tutorials, so one weekend, I'm gonna make some popcorn, pop in the DVD and learn how to do it. It came with a free version of Maya for non-commercial usage, though, which is handy and can do pretty much everything the commercial version can. Maybe one day I'll take up Modeling....but I doubt it.
The thing about Unreal levels is you have these things called 'Static Meshes' which are complex models, pre-made and textured which you have to use to make up the architecture, so the only things you really have to do with brushes are the base work, and then you have to spend hours loading and browsing through the meshes and placing them in your level. It kind of ruins the fun of mapping for me, as the Mapper has to essentially model his level. Which is why I'm staying with Half-Life2 and Source, unless those folks at Epic offer me a job
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Oh yes, and those solid world engines like Unreal and RF involve carving for almost every function, as you carve out of a big block instead of building in the void. And the forced view controls are horrible, you have to click-drag and use the mouse only for navigation, though people who use Milkshape and 3d programs will be used to it.
But that's enough on Unreal mapping for now. I'm only inviting myself to flames :P.