Eurogamer DF has a interview with 4A Games chief technical officer Oles Shishkovtsov.
Some pretty interesting stuff,core engine was designed to run on PS3,but PS3 Metro is not happening,he thrashes Killzone 2 a little...cool stuf

"For me personally, the PS3 GPU (they like to call it RSX for some reason) was the safe choice because I was involved in the early design stages of NV40 and it's like a homeland: RSX is a direct derivative of that architecture. Reading Sony's docs it was like, 'Ha! They don't understand where those cycles are lost! They coded sub-optimal code-path in GCM for that thing!' All of that kind of stuff..."
PC gamers don't need to worry,plenty of things awaits them with the right hardware
Metro 2033 features superior volumetric fog, double the precision in the PhysX, 2048x2048 textures (up against 1024x1024 on console), better shadow-map definition and filtering, object blur in DX10, sub-surface scattering for superior skin shaders, parallax mapping on all surfaces and better geometric detail with less aggressive LODs.
There's also going to be support for tessellation in DirectX 11
Game was ported to 360 in 19 days,i guess that PS3 is good for something after all

Our decision to architect for the 'more difficult' platform paid off almost immediately. The whole game was ported to 360 in 19 working days
But,360 is a "bit" underutilized
"The majority of our Metro 2033 game runs at 40 to 50 frames per second, if we disable v-sync on 360," says Shishkovtsov. "The majority of the levels have more than 100MB heap space left unused. That means we under-utilized the hardware a bit."
http://www.eurogamer.net/articles/digitalfoundry-metro2033-articleIt will be interesting how people adjusted to the streamlined FPS will feel about this game,this game is not going to be easy.