Yes, the game has a NEW graphic engine. Anything pre-december 2003 is on the old crappy graphic engine. All the new screenshots are how it actually is in-game.. without the bloom it still looks really good (and why would you take bloom off? )
I think, even though it is late, the game will still be good. They now have the technology to do things they could not before. Knowing valve, it won't be a rehash of games like BF1942, but rather something different.