Near the end of 2011, Epic Games announced its Unreal Engine 3 would be ported to Adobe Flash Player 11. It brought the popular game engine to a larger audience, but now it looks like that was just the beginning for UE3. Yesterday during the Game Developers Conference, Epic and Mozilla unveiled plans to bring Unreal Engine 3 to the Web. Mozilla believes it can "rival native performance" with UE3 on the Web, which would open the doors for games of all types, even AAA titles. However, one sort of big problem deals with load times for modern games, as streaming a gigabyte or so of data isn't a viable solution. That's where Khronos Group, the non-profit organization responsible for developing OpenGL and WebGL, comes in.
It's planning a set of common data formats for 3D models, textures, and other resources needed by a game. Those would allow for a game to tell a server the amount of bandwidth it has, screen resolution, and other information in order to be sent the correct resources. Faster connections would allow for better quality textures, while slower connections would get lower quality ones in order to load quicker. Khronos Group is still in the early phases of design, but there's a lot of hope for it once it's completed.
Source: Ars Technica