Earlier versions of UT came with a UT-specific editor, so maybe this one will, too.
I hope they put as much effort into making the game fun as they put into making it look good.
No, I think the game will be free when it's finished. From what I understood, they're going to make money from the engine itself (unreal being a flagship game like usual?) and mods that people make for unreal (like the steam workshop)
Great reflections, but that lighting :/