I'll start with the disclaimer that I know nothing official, but from a gamer point of view I'm hopeful that if a game like this can be running at 60fps/1080p within a year of the launch of the console I imagine that level will be the standard in a couple of years. The PS3 is an awesome machine and I have no doubt that the things we'll see from the most creative developers will be mindblowing.
The absence of replays is down to time and effort - they take a lot of resources to do and they aren't exactly a "back of the box" feature any longer. Breathtaking 60fps/1080p visuals will sell a lot more copies of the game than 30fps/720p and replays would have.