...PS2/GC/Wii game to the 360? We're talking about completely redoing/upgrading the graphics to 360 standards. Would development cost just as much if you ported the game with enhanced graphics as well? Is porting with enhanced graphics just as easy as adding more polygons and more shader effects?
Why "port", would it not be better if the game engine was completely reprogrammed for the higher spec console hardware in question?
Bugbear made their Flatout games (1 & 2) for PC, PS2 and XBox 1 and recently they announced or released info saying that their next Flatout game would be made exclusively on XBox 360. Given that console's assumed dev tool maturity I would hope that they (Bugbear) are able to show us what they are capable of, then again I really don't know how much time they invested in making that game on the 360 but AFAIK the game is not called Flatout 3...
If what I am saying is what you were trying to say then in my humble opinion I feel that completely reprogramming a 3d engine to a higher spec game console like Playstation 3 or XBox 360 (I would prefer one platform so that the dev can focus more) while at the same time making use of the extra hardware power/memory to implement A.I., physics, shaders, etc in case the game engine did not use any of those extra features, I feel that it would be easier for a game dev to AFTER learning about the new console hardware to tear down and rebuild their old 3d engine from scratch as they already know what their previous game featured and was limited to but although I feel this is great for some game series, it all depends on the game developer to actually do this and while they would be reprograming the 3d engine it could almost be seen as making a new engine really that their series will benefit from.
Examples I can give is SEGA AM2 with Virtua Fighter, going back over 10 years ago, all the way to today and they have torn down and rebuilt or better yet reformatted their old 3d fighting engine several times to its current level of being able to run arcade perfect on PS3 thanks to their arcade hardware using a lower spec Nvidia GPU in comparison to RSX, the XBox 360 port only really benefits from this as well although that console uses an ATI GPU mainly due to being modern as well.
Another example would be Tecmo's Ninja Gaiden Sigma on PS3 as opposed to where the game originated from on XBox 1, however since Tecmo's dev team had as far as graphics go from Nv2X level graphics to the G7X/RSX level mainly for easier implementation of 1080P since both graphic chips are Nividia gpus, however I really cannot comment much on that game until all of the differences/upgrades (graphically, etc) have been documented, I can tell you that to me this example must have seemed easier for Tecmo to upgrade their old game even though they would only be using a puny fraction of what Cell+RSX can do.
When I think of that "porting" Tecmo did I could compare it to, lets say Nintendo remaking/porting Legend of Zelda III A Link to the Past on NeoGeo's Gold cartridge based console as an upgrade over the SNES since they both are 2d consoles.