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CES, the guy showing off cryengine 3 is displaying the new water effects to the studio on both pc and 360. He describes this amazing gravity responded water system that works off a radious and applies ti surfaces and he says

"huh, it looks kinda wierd on the 360" LMAO yeah sure parity, the only reason they are showing the 360 is microsoft paying them not to show the better looking PC version, as for how the two compare console wise, most console games have unnoticable differences, Im sure this will be the same.