Oh, the lighting is very similar to the PC version. As for realtime/baked in lighting, you have to understand that most of the reviewers do not have an understanding about the differences between both method nor do they even say so in the reviews, but yet most mention the lighting as a standout feature of the game's graphics.I don't mind baked lighting myself and think it's just fine. And until Crysis 2 came out I really didn't see the point in real time lighting versus baked lighting (and world shadows).
However, at least on PC, the lighting just makes this game feel so far ahead of anything else on PC that there isn't anything that can hold a candle to it currently. Pick up a light source and walk around and watch virtually everything in the world case a moving shadow that matches that light source. Or watch the birds and helicopter flying in the opening level casting what looks like volumetric shadow rays all correctly aligned to the sun. It's bloody amazing.
Perhaps the console version doesn't have that level of realtime lighting and that's why some on consoles aren't as impressed. But holy hell the realtime lighting in this game is just incredible at times. All other games now feel "flat" when I got into them.
Regards,
SB