Personally I don't think consoles like the PS3 are holding the game back as much as everyone thinks.
Sure it constrains the level design a bit, basically everything created has to be able to be trim down to fit on the PS3, but with things like textures, shader effects, shadows ... etc. those are "optional" and/or can be easily turned down.
The game has a good deal of easily fixable graphical flaws,
- Lack of mip-mapping in many areas. Granted it will increase load times but I don't see why they can't implement some sort of prioritized texture streaming. It's a big part why the game looks so "aliased".
- Water. With DX11 and tessellation on it doesn't even look half as good as GTA V's water (https://youtu.be/i63NKuhLlcg), I mean seriously.
- Parallax mapping also glitches out quite often. I understand it's a limitation of the technique but you should at least try design around those edge cases.