Andy Chalk said:
With Assassin's Creed IV, both current-gen consoles - the Xbox 360 and PlayStation 3 - served as the master version, while work on the PC and next-gen consoles began once they were complete.
Emphasis mine.
This is bad news: instead of the next-gen consoles being the performance baseline, we're still relying on ports from the previous generation. This means that yeah, business as usual for PCs: we get the current benefits of better lighting, shading, textures, fancy physics, antialiasing, and anisotropic filtering; but with low-poly meshes, low-res normals, and maps that have to accommodate the smaller RAM of the 360 and PS3.
Hopefully, they also use a better AO shader than the one they used on Far Cry 3.