Well, if you look at Crytek's new engine revision (there was a small video from E3 capturing it) they seem to be developing another Far Cry, at least judging by the engine enhancements. In fact, they used Far Cry to show off the new stuff.
The really interesting one: Your character colliding with all - all - vegetation. As a character creeped through the bush to snipe someone on a beach, you could see his model pushing the ferns out of his way in 3rd person.