It's Ubisoft and Far Cry 2 doesn't use the CryEngine 1 or 2 (or any variation of it) but an entirely new engine and a new development team completely unrelated to CryTek.
I think CryTek had intentions of showing off the CryEngine2 for consoles but it will definitely not be as full-featured as the PC version (they themselves have confirmed that) plus, for what it's worth, the rumors about Crysis coming to the PS3 actually talk about a game set in the Crysis world, not a Crysis port.
Anyways, knowing EA, if this does indeed come out, it will most likely come on both platforms... the PS3 may have a better processor but the 360 has a better GPU, I mean, neither is better or worse, they are just different which is why the comment about Crysis being a PS3 exclusive because of the high-spec requirements doesn't make any sense.
I actually enjoyed Crysis a lot, I'm surprised to see people say that it lacked on the gameplay department, I thought it had quite a few elements that made it stand out and play pretty well.