I don't think this is really that much of a leap graphically over the original FEAR.
Definitely looks like the old FEAR game engine.
I really don't see where you guys are coming from. I was playing the original FEAR literally two days ago, and it doesn't even come close to comparing to this game.
It's certainly not the best looking game on the market, but it runs VERY well and it looks quite nice from where I'm sitting.