“If we extrapolate that into creating an entire game, we were worried that the cost would go up by a factor of three or four or even five in the next generation. And of course, we felt that was not acceptable.”
With a some clever work in making the process more efficient, they've been able to get the cost down to roughly double. Even still, that is a lot of money and precious time being poured into a single product. With this in mind, Sweeney went on to emphasize the rising role of free-to-play games and their ability to change the market.
Whole article screams of marketing... at least to me.
Another Dev said that because things would be X86 cost's would be less, ports should be easier.
Edit: here it is, Take Two's CEO said "easier" not cheaper, though one would assume they go hand in hand
http://www.computerandvideogames.com/376030/next-gen-games-could-be-easier-to-develop-than-present-take-two/Edited by iTurn - 11/17/12 at 2:48am