http://mycryengine.com/index.php?conid=8
"Motion blur can be applied both to individual objects (object-based motion blur) and to an entire scene (screen-based motion blur)," 
not a good pic, but I think you can see object motion blur on the moving alien
http://www.abload.de/img/vlcsnap-2012-04-24-236zrdg.png
so I think it's the other way around. there is really object motion blur on moving objects, but the first person weapon has no motion blur, as it's bound to your head, if it would start to blur while moving, it would rather look like you're on drugs than a directional blur due to motion.