Being limited by the Playstation 3, as predicted.

[Preypacer]

Our new graphics engine will allow us to maintain a high level of graphic quality while
allowing us to optimize the game for play on the PlayStation®3 system.

So, in other words, "We'll do the best we can abiding by the PS3's limits".

Great, just great.

Not so sure about that... They also mention something about developing and releasing a brand-new PC client. Could be they're separating the two, allowing the PC client to be enhanced as hardware improves, while keeping the PS3 build isolated.

Would be the best time to be doing that, given the complete restructuring it's undergoing.

Hopefully that's the case.