Building on over a decade of continued engine development and refinement, CRYENGINE is used by AAA and indie developers alike to build some of today’s most ambitious games, while remaining 100% royalty-free to allow developers to reap the rewards of their hard work.
CE5 is not really the 5th iteration of the engine. It's more like CE3 with slightly newer refactored Sandbox editor and just a couple of new features. I would be brave enough to call it a CE3 beta right now. Because their actual CE3 wasn't so much different from CE2.
In real world their so-called "CryEngine 3" (which they first released in 2009) would be just CryEngine 2.5. Adapted for consoles.
The next complete version would be CE3, but they never finished it. Every engine after CE2 is always, every time, an unfinished semi-working product. So right now they are in fact still working on what I would call a "proper CE3" beta stage.
I love it
CryEngine has always been a great engine. Now with it's added editor improvements making it easier than ever to use. Now with it being 100% free to use makes it even better for those just wanting to learn the engine and students.
BADASS!