It would be cool but it's not going to happen. Neither the PS3 nor XBox 360 have the necessary software architecture to run the GECK and if that hurdle could be overcome it's unlikely either console has the necessary memory to handle the GECK. Both Sony and MS have also shown considerable reluctance to allow such editors on their consoles.
Since is unlikely to be possible and wouldn't be allowed if it was we can safely say it's not going to happen. Perhaps the next generation of consoles will be more open and have more RAM. :shrug: Also, since we know this won't be happening there's not much to discuss - these sorts of threads tend to chase their tails quite a lot.