CryTek's newest, shiniest piece of tech is CryEngine 3, which will be put to use in the upcoming PS3 and Xbox 360 versions of Crysis 2. While the first footage of the console versions looks remarkably similar to what you'd get from a PC, a closer examination reveals how top-end gaming PCs are still capable of rendering better graphics with CryEngine 2. According to tehdaza on YouTube, "CryEngine 3 running on console hardware is about the same as CryEngine 2 running on 'medium' settings." The look of the console versions can be recreated on the PC by using low textures, high shaders and object geometry and medium on all other settings.
You can check out the video after the break. In it, you'll be able to compare the draw distance of the two engines and see the change in physics, texture work and more.