I've heard they're waiting til the next round of consoles and planning to release it within a year of their launch. It would make sense, because if Half-Life 3 is going to live up to expectations at this point, it'll require more juice than the current consoles can put out, and it'll be Crysis all over again on the PC side when people bitch about having to lower all the settings just to get it to run. Or buy a couple $500 video cards in SLI/Crossfire lol.