Regarding the editor, unreal is pretty amazing. It really shines in the tools department. Check out the landscape editor, materials editor, and animation tools on youtube. Pretty fantastic stuff.
The game engine itself is better than unity in almost every way with a few big exceptions:
1) multiplayer map size. unity can pretty easily support large online worlds 2) support for mobile/tablets. unity is the dominant platform on those devices. 3) community support. unity has a much larger community, better documentation, and a much more populous online store (though unreal is catching up)