1: They've stated over and over their approach is to upgrade the engine gradually rather than writing new engines, and this has worked well so far.
2: Source is already multithreaded.
Multitheraded in which games? At least CS:S can't get my dual core CPU over 60% load. Both cores max out at around 55/65 %. So yes, it is mutli threaded, but there is ALOT of improving on that field if they want to do it efficiently.
Bookmarks