The PS3 is very limited, it already was an issue due to once again, sony's poor memory design (at least the PSvita actually comes with more).

However the new engien will allow better visuals on current pc's at a lower hit, and decent on the Ps3. They stated it will be very scalable and users can adjust it on the PC to match a wide spectrum of systems.

The thing that is affectign the PC now is load zones will return to make enviroments more varied, and the ps3 simply can't handle smooth transitions like PC's.

I'll be suprise if the PS3 can handle true 720p with high detail at 30 fps.