Quality is not even close to 16X CSAA to me, and 1.3 ms on 470 means probably a lot higher on consoles. And Im surprise FXAA fail to fix any thing in distance just as much as MLAA. Always though it just use blur on sub pixel.
A pity it's so expensive for the console because in the subpixel is really impressive... maybe on the ps3 they can tries something like custom MLAA of sony, spare in the spe to save precious ms, but I doubt cryengine it's so 'elastic' for this.