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Unigine is adding PS3 Support to their engine, however to release on consoles you need to be a registered developer with sony which costs money and they have to approve, also it requires purchasing development kits to test which puts even more requirements on the developers. So it won't release onto consoles until some time after the PC release, this will also take time as it will entail more testing of the game.
Thats not Dynamic water, the only 2 Games with Reactive water is Dirt2 and Hydrophobia.
UT3 the appearance of water splashing is just a Particle effect and the ripple is just a scrolling UV map, and water physics are just faked like every other game since the dawn of time.