AC3 has issues on the 360 as well. But my biggest annoyance (and they use it in Far Cry 3 as well) is how the level of detail uses a 'materializing in' effect with triangles. I know it's a new or upgraded engine, but tech wise it seems like a step back from the previous games.
"I've never seen a feature like this before. It warms your ass. It's wonderful" -Walter Bishop