Crytek is now showing off CryEngine 3, which touts as much power as their last engine, but is more efficient and the development kits include features suitable for making cross-platform games extremely easy. According to them, you can develop on a PC and insta-port it to the PS3 and 360. Basically.
Looks amazing on the consoles too.
http://www.joystiq.com/2009/10/14/cryengine-3-released-box-of-tissues-not-included/#continued
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