So I've played it for around 5 hours now (360 version)... and I'm really impressed! The lighting is definitely the most amazing part of Crysis 2's graphics, haven't seen much that even comes close to it and for me it's the best lighting I've seen in a console game. The explosions are and effects are jaw dropping as well, Crytek did a really good job here.
But it isn't perfect of course. It's framerate seems drop a little from time to time (not significant) and there are also some low-res shadows, but these things are not a big deal. The texture pop-in is its' biggest issue and sadly it seems to get worse later in the game. At the beginning I almost didn't recognize it, but in the last 30 minutes I played it was really obvious.
Anyway, Crytek has surprised me, they really created an amazing looking game on consoles.
Yeah shadows and pop-in are it's biggest flaws. I now have both versions though(yeah, I caved ), so I'll have an analysis of both when I'm done.