The "...but can it run Crysis?" was a joke moreso than anything else... I just had to say it... the PS3 Cell seems to have the power of a 7900GTX which back in the day was hot tech until the 8800s came by in 2007.
The final release of Crysis didn't look as great as the alpha but it still beats any game out there in terms of graphics, physics, and special effects; I wonder what CryEngine3 has in store for the PS4 as I'll be looking forward to that.
The Cell architecture is great like you said, but it shines in certain other parts much better than it does in gaming which is kinda of ironic being a gaming console and all... it would probably be easier to port games between 360, PC, and PS3 if it had used a standard CPU and GPU like everything else does.