So I downloaded the recent 3.4 SDK lately, and i noticed all of the new optimizations Crytek has done, more notably tessellation, realtime reflection, and animals, which somehow were displaying human shadows.... lol, anyways the new engine is gorgeous, take a look for yourselves. Noteable my FPS was amazing, even while recording at 1080p, it almost feels like 30% more performance over C2.
http://www.youtube.com/watch?v=Tst_qDaflmU&feature=plcp
Crysis 3 will obviously be at least 3xs better than this.