The material editor is one of the biggest reasons I like Unreal better. And the lighting, it just works even though you still have to deal with lightmaps. Though we are still using Unity for a project at work. One of the big advantages for Unity is the asset store–we needed several things that neither engine have, like touch screen support and I wouldn’t have been able to figure out how to add it by myself but luckily there’s a plugin for Unity. But as people have said, you have to get some things from there as standard features, like a UI system (NGUI) while Unreal already has the essential things.