After having many feuds with various people on Youtube, GameTrailers, N4G, and a few others, I decided it was in my best interest to make a full video comparison for the two engines.
This video compares the graphics produced by CryEngine 3 running console hardware and CryEngine 2 running on my PC in two flavours: Medium and Very-High.
This video wasn't made to knock the power of the consoles, but rather to express the differences in the engines. People think that CE3 running on console will look better than CE2 on PC. Completely untrue, just watch the video and decide for yourself.