I will say it does look to be true Crysis with all it's vast expanses intact if pared down visuals. As opposed to Crysis : Instincts with massively reduced scale.
Yeah but the techdemo lacked any AI etc. Nothing more than a modified "empty" shell of the Island mission. And who knows how much more would have to be reduced to move the framerate from unplayable to acceptable, seems not doable at all. As is Crytek hasn't mentioned anything about doing Crysis for consoles but they have several times stated they wont. All they are doing know and talking about is licensing their engine to other dev houses and so far ~20 seem to be interested!