When comparing Solar 2D (formerly Corona SDK) vs Unreal Engine 4, the Slant community recommends Solar 2D (formerly Corona SDK) for most people. In the question“What are the best 2D game engines?” Solar 2D (formerly Corona SDK) is ranked 15th while Unreal Engine 4 is ranked 17th.
Specs
Ranked in these QuestionsQuestion Ranking
Pros
Pro Very simple to use

Pro Free
Corona SDK is completely free. That includes pro-tier plugins.
Pro Corona Simulator
Corona SDK ships with Corona Simulator, which runs your game/app directly on your PC/Mac and updates every time you make changes.
It provides immediate feedback to your actions, you can see your changes right on the screen, without necessity to make build to device. Getting instant feedback really boosts tenfold prototyping and development speed.

Pro Good documentation and lots of tutorials
Pro Content scaling
It's easy to create a game that looks good on many different sized mobile devices.
Pro Live builds - update builds running on a device automatically
With the live build feature, once you have created a build and installed on a device, you get lightning fast turnaround times because any change on the code or data is updated to the devices running the game (within the local WiFi) immediately. So changes can be tested on the real hardware within a very few seconds.
What's even more impressive, this even works flawless with multiple devices running the game. You have to use it to learn how good of a feature this is while development and even more, while doing QA. Imagine fixing bugs and everyone of your QA team/friends/whoever helps to get your game done, has all changes on his device without doing anything but waiting 5 seconds - outstanding.
Pro Lua syntax
Uses the great and easy-to-learn Lua programming language.
Pro Very comprehensive API
It's very quick to get things up and running with Corona SDK. The API is extensive and while it's not 100% feature-complete with the iOS API, it's close enough that you could create tons of games and never run into a roadblock.
The API docs can be found here.
Pro Amazing learning curve
Corona does not throw photoshop-like madness full of buttons editor. You can go as fast as you want, learning and building game from ground up. Eventually, you'll learn how much corona is doing for you. But to start you don't have to master complex editor software. It's a great tool to learn to start game development if you want to learn how to program and make games. Your experience will be 100% transferable to any other Pro game engine.

Pro Cross-platform desktop and mobile
Corona works on OS X, Windows and Android (including Kindle Fire & Nook).
Pro Marketplace for 3rd party plug-ins

Pro Great community

Pro Ability to call any native (C/C++/Obj-C/Java) library
Pro Completely free
Since Corona SDK became Solar2D, it's completely free, as only some third-party plugins are paid.
Pro Open Source
Since Corona SDK became Solar2D, it's completely open source under MIT license.

Pro Well supported
Pro A visual scripting system for non-coders enables quick prototyping
Blueprints are authoring tools designed for non programmers so designers and other team members can help tweak and prototype. UE4's Blueprint scripts resemble flowcharts where each box represents a function or value, with connections between them representing program flow. This provides a better at-a-glance indication of game logic than a simple list of events, and makes complex behaviors easier to accomplish and games a lot faster to prototype.
Pro Lots of resources to learn from
Epic provides multiple official video tutorials, lots of free example projects and content, an extensive wiki and regular streams showing how to use latest features.
Pro Powerful material/shader system
Allows a texture/material artist or VFX artist to create amazing effects from the ground up.

Pro Free development license, including source code
The engine, including full access to source code, is free to use; a 5% royalty is due only when you monetize your game or other interactive off-the-shelf product and your gross revenues from that product exceed $1,000,000 USD.
Pro Realistic graphics
Pro Developers have full control of the engine and source code
UE4 gives full access to the C++ source code allowing editing and upgrading anything in the system.
Pro Dynamic global illumination with voxel cone tracing decreases the computational power needed
Voxel cone tracing is a similar algorithm to ray tracing, but uses thick rays instead of pixel thin rays to be able vastly decrease the amount of computational power needed.
Pro Easy to use animation blueprints
Unreal Engine 4 is one of the best game engines. It is super easy. It dosent require any use of coding due to Animation Blueprints
Pro Spectacular lighting visuals
Pro Cross-platform editor and export
This engine exports for a big range of platforms including Linux. The editor can be run on Windows, MacOS, and Linux (Early Access).
Pro Active community
Forums have many active and friendly members that are quick to respond and help out. Even staff is very active on forums.
Pro AAA Ready
This is ready to make the next AAA game.
Pro Fast compilation for quick iteration
Recompiling an entire game to test a small change takes up a lot of time. UE4 quickly compiles in seconds instead of minutes improving iteration time by an order of magnitude.
Pro Quick release-cycle
New feature releases can be commonly expected about once a month.
Pro Professional feature set for all aspects of game development
Almost everything a game developer wants has a deep and sophisticated tool waiting for them in UE4. No external plugins are needed to make powerful materials, FX, terrain, cinematics, gameplay logic, AI, animation graphs, post process effects, lighting etc.
Pro Proven track record
Pro No coding experience needed
Cons
Con Free, but not completely
Con Making a device build requires internet connection
To build your app for the device (iOS/Android/AppleTV) Corona requires to fetch resources from online. This would include base application template and plugins. This allows not to perform local build or use Xcode or Android Studio to do a build. Even Large games/apps would build very fast with good internet connection.
Your code never leaves computed. Corona SDK would transfer some information to determine which plugins and pieces has to be transferred in order to make a final steps in build.
As a bonus - you get basically one button press to get from your Corona Simulator game to game on a device.
Con Very high build size
A blank project will build in to a minimum of 200 MB.
Con Slow
Compared to other engines, UE4 seems to perform various actions considerably slower. Actions like starting the engine, opening the editor, opening a project, rebuilding shaders, updating references, calculating lightmaps, saving projects, etc take long enough to get irritating and end up wasting precious development time.
Con Extremely long build times
Making a full rebuild, including engine can take a good 30minutes. If you plan to use Unreal professionally, you better get some licenses for Incredibuild as well.
Con Hard engine for beginners
This engine not easy for beginners
Con Steep learning curve
Especially when compared to its primary competitor, Unity.
Con No drawcall batching, performance is very bad on mobile
There's no dynamic batching support to minimize drawcalls. There's InstancedStaticmesh concept in UE4, but it's 3d only, functionally limited and requires hardware support which rules out most mobile devices.
Con C++ - oriented development cycle: slow turn-around times
The Unreal Editor is the main place to do stuff (of course), so if someone wants to do a lot of C++ stuff, the compilation and linking turn-around times can be painful. Still they probably are quite fast in comparison to the provided featureset.. Still ,they are far from optimal.
Con Poor documentation
Most of the "documentation" for code is actually just automatically generated from the source. If you're interested in knowing how things are supposed to work, you must either go to their answers site or pay for UDN.
Often their examples won't even compile, since they were written for now outdated versions.
Con Royalty based
5% of profits will go to Unreal after $3000 earned in a quarter.
Con They spend more time adding features than fixing existing ones
Con C# not natively supported
UE4 does not support C# natively, but this can be achieved through MonoUE, although it requires using the MonoUE fork instead of UE itself.
Con Poor source control support
Merge tool is not working.
Con Poor quality assurance on their releases
After each release they almost immediately release a hotfix. And another one. And another one.
Con Unreal Engine crashes a lot if you don't have the required system requirements
Con Sparse Resources for C++
C++ happens to be the main suite for Unreal, yet the documentation is very, very sparse.
Con Extremely poorly designed
The code is a mess.
Everything is connected, a single Actor is 1500 bytes, because it contains a million things that Epic once needed in a game.
Inheritance for AActor: AActor > UObject > UObjectBaseUtility > UObjectBase
Con Difficult for Mac users
If you're installing it on Mac, you simply download Epic games launcher and watch it download nothing endlessly.
Con Tutorials do not go in-depth enough
The blueprint tutorial just teaches how to turn on a light when you press f.
Con Proprietary
Con Not available on Linux
Con No Terrain Editor included
Con Bad support
The epic games team only assists with billing and account issues, not bugs.
Con Terrible physics

Con Frequent crashes
Often the editor crashes interrupting your work.
Con Poor error messages
Con Rarely works
