You're both right and wrong as both games are going for a slightly different feel/atmosphere.
There are a few people who insist that C1/Warhead looks better than Crysis 2 + MaldoHD (I'm going to call it C2Maldo) purely because the vast lush tropical setting and spectacular draw-distance is just so damn gorgeous and peaceful to look at...besides the angry Koreans.
I gave C2 another run-through after I got my GTX780, installed MaldoHD and it was really nice. But for me Crysis 3 on High (with Object Detail on Ultra, FXAA because I still want 60fps+) still looks better than C2Maldo.
Yes, if you're going to stick your face into the textures and examine them closely, then C2Maldo will win because that guy has taken time to define every pixel with his blood sweat and tears. In C3 you're most likely never going to find something as detailed as some of his concrete/road textures or that famous keypad.
But overall Crysis 3 is more technically advanced in every single aspect, can't really deny that.
Also C2's DX11 implementation has godawful optimization, it really was extremely rushed and aimed more at destroying framerates than making visual improvements. C3 has it beat there too.
In my opinion, Crysis 3's graphics are better than Crysis 2's. I have, however, never used the Maldo textures, so this point is probably not very useful.
I get it's purely an SP mod but still, how the hell haven't you used Maldo textures with your kind of graphics power. Well you can still try it, do a C2 speedrun with MaldoHD on lowest difficulty.
Pro tip: Scar will kill a CELL trooper at any distance with 1 bullet to the head, use single shot