Here is a paper (31-page) by Tiago Sousa (Principal R&D Graphics Engineer at Crytek) about the key rendering features of CryEngine 3 for the video game Crysis 2.
In this paper we learn some details about differences between PC version and console version. For example, on high-end PCs, almost every light source casts shadows. On consoles, the amount of lights casting shadows is limited for performance reasons. Another example is water rendering. Water rendering uses vertex displacement mapping on PC while a cheap parallax mapping is used on consoles.
You can download Crysis 2 Key Rendering Features paper HERE.
Here’s a nice set of images showing the difference between LDR (Low Dynamic Range) and HRD (High Dynamic Range) rendering: in LDR, the highlights are clipped and the dark areas lack detail: