I never bought BF3 - what with it requiring Origin and not being available on Steam - but I played the demo and was annoyed by how grey it all was, especially when there were the colour comparisons between the alpha and beta. It looks shit. Looking at that video it's clear that DICE took things WAY too far and that mod clearly makes the game look much better.
The reality is that mods like this wouldn't be necessary if developers didn't fuck around with colour palettes for artist effect. It's one thing to mute the colours slightly; it's another for the entire colour palette to consist of fifty shades of grey.