This is why I think CryEngine3 will take off. You simply develop for CE3, and what you make "mixes down" to PC, xbox360, and PS3 with a few mouse clicks. No more porting, etc. It's a super quick development engine, AND you can market across 3 major platforms without spending additional cash to have the game ported and tested for each platform. Of course, you'll need to test, somewhat, but not like you would if you were porting.
That may work for the content and coding but for the actual gameplay\interface traditional\hardcore\whatever users will still be disappointed.
Its the elimination\consolidation of skills, hand holding gameplay, big button lower res joystick friendly UI, etc part of consolized\mainstreamed games that leaves a bad taste in your mouth. Just because you are coding for 1 engine doesnt mean you will take the time to code to the strengths of each platform, if anything now you will even see less of that (if it ever truly existed).