I played it with the float32 mod, and it looked good, but for some reason it was too "contrasty", like the shadows were too dark. Also, I believe the next update has been leaked (it's a beta though), but it might be interesting b/c it includes the "free-play" feature.
To be honest, I didn't really like the game, mostly because I ran into a bunch of CATASTROPHIC bugs that f*cked up the game for me. I'm thinking of playing the game again though, so hopefully the patches will improve this (the first time I played was version 1.0).
The problem with the game for me was I was expecting too much of an RPG, while in fact at heart its an FPS. I spent too much time looking for things that weren't there and doing mostly repetitive side-quests (kill some guy, kill a bunch of monsters, etc) instead of blazing through the actual storyline. I'm going to play it again though, especially because I didn't finish it the first time through.