Not at max detail, and Half Life 2: Episode 2 is much more demanding than HL2. Not that the game should perform this bad, but you seem to ignore that this is about EP2's performance much more so than HL2.
I understand that Episode 2 is more complex. Yes, I get it. Now pull yourself away from the bold button for a second and actually read my post, you'll see that I'm not talking about that game. I'm talking about Half Life 2. Not Episode 1, 2 or Portal, but just plain old Half Life 2. The base game is not performing as well as it should on either platform. If the 2004 entry in that series isn't running right on 2006 hardware, then something is clearly wrong, and Episode 2 will certainly be doomed.