It surely has to do with the dreaded draw calls, amd guy talked about it days ago, crappy console hardware can easily outdo the fastest gpu on the market, due to api overhead.
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On consoles, you can draw maybe 10,000 or 20,000 chunks of geometry in a frame, and you can do that at 30-60fps. On a PC, you can't typically draw more than 2-3,000 without getting into trouble with performance, and that's quite surprising - the PC can actually show you only a tenth of the performance if you need a separate batch for each draw call.
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link:
http://www.bit-tech.net/hardware/gra...l-to-directx/1
I think that is pretty consistent, gpu usage doesn't reveal exactly which part of the gpu isn't being used, but i bet that a lot of overhead without actual rendering is part of the issue.
Of course i'm not trying to imply that i exactly know what is going on with this particular engine, but i think we all agree that the newest hardware should manage much more on CoD, so let see if developers manage to tame the beast and make the gpu spit some pixels.