Good i hope they succeed into making good games.

I think they are porting Crysis 2 to the PS3 and 360

And now, thanks to Crytek, we won't either... Free Radical falling into their hands was a very bad thing imo, I fear they won't let the genius at play have free reins when it comes to the Timesplitters series and overall fun factor in FR games.
Don't get me wrong, I think its good that someone bailed out FR but I'm not too happy that it was Crytek that did so, after their last few games I've lost faith in their ability to make anything but slow and pretty engines.

So, this is a win-win. Crytek gets some great creative minds, and Free Radical gets incredible technology.

It could just as easily be lose-lose if FR get all hung up on using sluggish engines that look good and behave oddly and Crytek decide not to make use of their creative talent at all (which is more than likely, they'll still remain seperate developers and I can't see Crytek converting to FR's somewhat bonkers style).

You can't have your cake and eat it too and this won't lead to many good things at all I'm afraid.