From OXCGN, an analysis of what the CryEngine 3 will mean for console gaming:
"For years Crytek was wowing PC owners with incredible videos of tropical environments revealed to be Crysis running on the CryEngine 2. Despite mixed reviews when it was finally released, one thing was clear: Crysis was the most visually arresting game ever created. PC owners flocked to upgrade their graphics cards and processors to run the technical showpiece, but little word was heard of the possibility of running the engine on a console...
It was generally accepted as being beyond the capabilities of the Xbox 360 and PS3 in its current form, and it looks like we were right - the CryEngine 2 was not optimised for consoles. Instead, we're now presented with the CryEngine 3 developed specifically for console support, and the teaser trailer from the Game Developers Conference 2009 making its rounds shows the wait was worth it."
More on what this means for consoles after the jump: