Squilliam said:
I may be wrong but it doesn't look much more if at all more demanding than Crysis and they do have an engine that scales particularly well both to high and low end to pull it off. An urban environment like that doesn't require as much horsepower as a Jungle like Crysis, which is why most console shooters tend to happen indoors. Its simply easier to pull off the visuals. Also since the release date is slated for 2009 at least, requiring something like a 4870 to pull off that level of visuals wouldn't be too far fetched considering there will be at least another half generation if not full generation between now and the release date.
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The difference between Crysis and the character models (as an example) may not be that amazing, but the overall detail of everything is far above crysis. It might be possible to produce similar graphics to this in late 2009 but I suspect that would require two bleeding edge Graphics cards hooked together in SLi or Crossfire ...
Now, being that there is no in-game footage there are ways they could obtain a similar look with less processing power ... They could pre-render the environments (like Resident Evil: Remake for the Gamecube) or pre-compute all of the lighting in the environment ahead of time (like FEAR) but either way you would still need a pretty impressive graphics card to pull it off.