Well, the precise quote is that it won't have the same depth as on PC and current gen consoles
http://www.gamespot.com/articles/one-o…3/1100-6417861/
Quote"To break it down, some of the stuff we're pretty confident will still be very similar on current gen: the core mechanics, like combat, stealth, ranged and movements; the basic control and gameplay, that should all be really solid," he added. "What it won't have is the same level of depth and variety and simulation within the 'Nemesis system'."
So I guess there will be some Nemesis system, just not the one found on the newer platforms (probably all scripted, as opposed to the emergent awesomeness found on other platforms).