Crysis looked absolutly breathtaking. I would honestly be surprised if Cryengine 3 looked a whole lot better than Cryengine 2. Im willing to bet that most of the work went toward scalability. I really doubt Crysis 2 will look a whole lot better than Crysis. Most likely it will just run smoother and with less bugs.
As for graphics this is going to be a game to get for PC. The first Crysis (apart from graphics) was an average game and im willing to bet crysis 2 will be no different. Its definitely not worth purchasing on either console IMO.
Long Live SHIO!