Well Ubisoft has a ton of engine support on the PS3/360/PC, so it would see a much, MUCH better software sales range by releasing on those 3.
I think the HD look is very different than the first one, but at the same time I don't find it all that bad :D This game could really benefit from a grand scale world with some HD graphics ^^
From 0 to KICKASS in .stupid seconds.