I know that Crystal Tools was designed for PS3, Xbox and Wii, because they didn't want to have to create or borrow an engine for each console. And, as one knows, the Wii is not (graphically-speaking) close to being as powerful as the Xbox or the PS3. From what I have read about it, they can turn on or off capabilities of the engine, dependant on what system it is playing.
So, they can still develop certain features that can only be run on the PS3, and then "turn it off" for the Xbox. Unfortunately, because they are porting it straight, they won't be able to use the Xbox's strengths. So, from what I have seen thus far, the Xbox will get an inferior version to the PS3.
I may be completely wrong, but if it does end up like this, then Sony's policy would be completely correct, as they'll be able to show that the PS3 is technically superior to the Xbox.
On a sidenote, is it true that Microsoft's gaming division is yet to turn a profit?