Nintendo has done similar things with the Wii's TEV. I believe it was complex normal mapping that was what wowed the industry with Quantum 3. Aside from that, most of the effects had been done on the same level of hardware previously.
Really, though, you could practically emulate the entire game on the PS3 and have it still run better than the Wii runs it in a higher resolution. A barebones port would be kid's work, and they did already port the Q3 engine to HD consoles. All this "it's made for the wii so won't work on PS3" is a load of crap. Just means that it works on the Wii, which crap for other consoles that gets ported over often doesn't.(see: call of duty series)
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