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Given this developer's reputation, my bet is that they have attempted to move the code from, for example, a Cell optimised version of the game, and expect it to work flawlessly, thinking the extra raw horsepower would be enough to overcome optimisation. Now that they realise they have to put the effort to optimise it just like they did with the PS3, they have to call it out and say it's "horribly slow".

Wake me up when a legit developer says something similar.