Crytek didn't even look that good to be honest; their system requirements IIRC basically came from doing everything real-time, which was cool but ended up looking roughly the same as developers who used cheats or pre-rendered components. It just doesn't make sense to do a lot of what Crytek did.
As for Source vs idTech 4; Source was a system hog when it came out, and it really didn't look as good IMO. It just wasn't as pretty, to me, as idTech4, though the latter only really worked in close, confined, dark areas - perfect for Doom 3 but unlike Source it did really lack flexibility.
UE3 is just a powerhouse of an engine that is extremely flexible.