In a recent interview with CVG, Carl Jones, Business Development Manager at Crytek, has stated that the PS3 version of Crysis 2 currently has an edge on the graphics of the 360 version. "At the moment, we're getting slightly more performance from PS3 compared to 360," Jones stated, "I'm very confident that products using CryEngine 3 are going to come out as the best looking, or at least in the top three, on every platform."
So even though the current development of the game is ahead on PlayStation 3, it doesn't mean it's ahead by much. To the naked eye, there apparently won't be too much difference in the visuals throughout the game at this point.
It is interesting that the PS3 version is faring so well though, since in most cases multi-platform games used to generally favour the 360 versions. Jones says this case was different due to the technical approach they took with the game on PS3, stating; "We're lucky in the fact that we've come to the generation slightly later than other people - the ones who were trying to build the first technology and games were surprised at how different the PS3 was. We took our time and worked out the right way to approach it."
So it seems that players of the Xbox 360 or PS3 versions won't have to worry about the visuals taking a heavy hit on either system. Besides, this is a game still in production and has time still to even out on performance even more. There is no set release date for Crysis 2 yet, but it is expected sometime around the end of the year on PS3, 360, and PC.