No, dans point is that for the PC version the code will be far less optimized as they have much more to take into consideration, be that varying video and sound cards, physics processors or multi-core CPU' s. The reason console games can look as good but use far less actual " power" is because the code is super optimized (in games done well like The Chronicle of Riddick and Doom 3 on Xbox), and that' s because every console is exactly the same. They have just one GPU to program for and one type of instruction set rather than having to make sure the code runs of a shitload of generations and variants of PC graphics cards.
Now technologically 360' s GPU is as capable as many of the 1st wave next-gen DX10 compliant cards. It has a RAM limitation but again, is everything is optimized then that should only result in lower texture quality. 360 has a couple of aces and the eDRAM will be used to it' s maximum potential, but there' s nothing in the DX9 screens that 360' s can' t do.
The 360 version will look very much like this...
...but would realistically expect better texture quality for things like floors and walls.
Now CryENGINE 2 looks very impressive, and sure, PC' s equipped with the best graphics cards and really fast processors will get 80fps out of Crysis. But remember that 360 is able to run DX10 components. It never needed to be 100% compliant as there' s a lot of stuff that wouldn' t relate to the console. Basically Microsoft made sure the custom 360 version of DX was a 9/10 hybrid and as such no games have taken full advantage of it yet. Crysis will though. It won' t make the game look as good as the PC version, far from it, but it' ll look much better than some people expect.
I expect a locked 30fps though.