I don't see how Ryse could be down ported to Xbox 360 even with vastly reduced asset quality. Crytek apparently had to optimize it very well to fit within 5gb.
I think Xan Kriegor was talking about the gameplay, not the graphics. As far as I'm aware Ryse doesn't do anything that couldn't have been done on last-gen hardware except for its (admittedly rather impressive) visuals.