David Vonderhaar of Treyarch recently informed the community that PlayStation 3 owners will get the chance to install all the textures of the game to their consoles hard drive. Installing the textures to the HDD won't increase their quality or speed up loading times; instead it's used to reduce strain on the PS3's Blu-Ray drive during extended gameplay sessions.
David Vonderhaar: "You don't have to install [the textures] to enjoy the game. We still pre-cache like we did on Call of Duty: Black Ops."
Xbox 360 users won't be getting a similar feature, instead caching will be done in the background like always. It's still unknown if there will be a installable texture pack that increases texture quality like with the Xbox 360 version of Battlefield 3.