It does not look better on 360. In the Beta Sandbox you could select presets like high, very high, xbox and PS3.
Objects appear much later in Xbox360 version.
Of course the levels are built so you dont notice this but draw distance is much much worse on Xbox360. So is lighting, shadow resolution.
I think Crytek is going through a hard time right now but still - if you cant bring it, dont open your mouth. I hope they will patch all the extra-PC stuff later on, otherwise Crytek will loose lots of it's PC-DEV Charme they had after Crysis 1.