I mean how can it not be? Their tech is so vastly inferior to PCs, that you would need to write a whole different game from the ground up to use the power of a modern PC.
No one wants to spend twice as much to develop their game so they just make one version that will run on the crapboxes and PC users get to play that.
CryEngine3 makes it even easier for them to cheap out because of how they can co-develop all 3 versions at once. Eliminating all chance that they would give the PC version any special treatment, just let the engine spit out the carbon copy and you're good to go.
CryEngine3 is capable of some amazing things, but we won't see them unless a small indie dev gets hold of it to make a PC game on, or until we get the next gen consoles that might have enough power to run it to it's potential.