from the interviews that I have seen/read is sounds exactly like what they want to achieve. I am glad the consoles are not taking a back seat to the PC and are shooting to push the 360 to it's limits. Developers have had 7 years to get used to the 360 so we should be seeing the best from these developers and Crytek seems very serious and intent on doing this. I am very excited for this game a year seems like a long time, I hope they keep news trickling out.
http://www.computerandvideogames.com/344941/crytek-we-can-do-things-on-consoles-that-no-one-has-done-before/
http://www.eurogamer.net/articles/2012-04-24-crytek-has-dx11-graphics-running-on-crysis-3-on-ps3-xbox-360