But does it run ...?
No seriously, phones have come a long way, but there still is a 10 years gap between PC and Phone hardware capabilities. It's impressive for a phone to run such 3D graphics, but the supported 3D acceleration is still years behind. iPhone and Android only have fixed function pipelines (DirectX 7) (Android has experimental programmable shaders, but even those are not latest generation)
Seeing the speed at which phone hardware catches up with PC hardware in terms of capabilities, I would expect the gap to shrink even more in the following years. One day a phone capable of running Crysis will come, and we all will be able to once more ask "the question" 😛