So it's the dreaded "duh, consoles aren't powerful enough" excuse crappy developers use often when trying to justify their games suckiness... come on, Gearbox. I love Borderlands but don't give me that.
There are plenty of games released on consoles that are way more ambitious that manage to pull it off perfectly compared to Colonial Marines. Just look at Dead Space 3 as the most recent example.
If you made sucky code that chugged on consoles, that's your fault for being totally ineffcient with your coding and design, don't blame it on the hardware.