I'll try to be neutral on this...
I personally believe that Crysis is/was the best looking FPS I've ever seen to this day. Sure other shooters like BFBC2 or MW2 have nice visuals but if you look closely, you'll find many low textures and other low polygone objects. For instance, although Crysis Warhead was pretty nice, it wasn't as pretty as the Original Crysis. In fact, you could tell they dummed down the engine to make it more accessible to PC gamers (i.e. the distance at which objects like rocks appeared, etc.).
Will the CryEngine 3 be a dummed down version of CryEngine 2? We don't know until we get to play the game. Crysis 2 is also taking place in the city...so it'll be hard to compare both games visually. The visual art between a building and a forest is not very comparable.
I'm glad the franchise has made it to the consoles. But I think I'm not the only one concerned about the integrity of the CryEngine 3. I fear they simply dummed it down to console capabilities while leaving PC gamers aside. They might not admit it as a company/studio but we also know that the console market will make them a lot more revenues than the PC market ever did. It's a sad reality for people like me.