Consoles could always run crysis, just not 'crysis'.
Expect medium settings - high shaders and very low textures at 30fps 720p, which is still ok. High or Very high is still completely impossible on console, consoles don't evolve over time, they're just as 'powerful' now as they were in 2007.
Important thing though: You guys better buy the game more than you did for crysis 2 (assuming it's a direct PC port) otherwise we'll just end up mediocre turd like crysis 2 instead of awesome sauce that is crysis 1.
P.S. It'll still be a lot easier to just buy a PC to enjoy crysis properly
Hell, the new A8 fusion chips will run it on high at 1680x1050 in a $500 notebook that'll be sold in places like tesco and walmart. But regardless, it is an old game now, so hardly anything to be excited about. The game wasn't graphically ground breaking on medium in 2007, and it's the medium settings console will get.