Quote from robert.briscoeAs much as I wish compiling were a thing of the past, until there's a truly convincing fully-dynamic solution, it's the only way to go for convincing results imo.
I'm still evaluating the engine, but so far UDK has come off much better in terms of flexibility, stability and efficiency. CE3 lacks proper implementation of it's GI and it's been pretty damn unstable for me, I also miss the shader editor and after speaking in length with one of the CE3 engine developers a while back at the Develop Awards, it sounds like they have no plans to update the engine in the future which is a shame. I really think they need to follow Epic's lead and do regular updates tbh. (even if Epic do tend to break things once in a while!)
If you want frequent updates, then I can suggest unity. Its really shaping up to be a really great engine for bigger scale projects.