Don't know for sure, but it seems as if this interview with Cevat Yerli hasn't been mentioned in this thread, yet:
http://www.gametrailers.com/player/10783.html
It's old. But later in the video interview (from around 08:15 min) Cevat Yerli made some interesting statements about future CryEngine 2 licensing and Xbox 360 / PS3 development and so on.
Well from his latest statements it seems like they will work on next-gen consoles titles/multiplatform and skip PS3/xbox360.
This is interesting comment in a interview with Cevat.
http://www.gamespot.com/news/6198054.html?om_act=convert&om_clk=hot-stories&tag=hot-stories;title;2
GS AU: So does that mean the games of today will be visually as good looking as we can expect to see for the next few years?
CY: For the next two to three years, for sure, yes. There will be some refinements here and there: We [are limited] by the PS3 and 360 hardware, but maybe on the PC we can scale some more. This will bridge the gap to some degree between current and next-gen on the PC without any new code. The possibilities we have are limited right now by the console generations.
GS AU: You've mentioned that the next-gen for Crytek starts in 2009? What does that mean?
CY: What that means is none of it will be visible in a commercial game. We may disclose it at conferences and start licensing beforehand and whatnot. What I mean is we won't see games ship until 2012, because for a next-gen game to ship then, we have to start developing in 2009/10. So we have to start the next-gen now. We are laying the groundwork by researching the fundamentals right now. So we'll start in 2009, probably start disclosing it at conferences in 2010, and 2012 will probably be when the first title ships.