Ok, I'll admit it, I quite like this, it's fun
I'm running it maxed out at 1920x1200 and it doesn't look anywhere near as bad as some of the gameplay vids on youtube (Although most of them were the 360 version which looked horrible imho). Sure, it isn't the next Crysis engine, but I found it very atmospheric doing the first level and I'd put the graphics on a par with the CoD games perhaps.
As a fan of the movies it is great how close they've managed to get it so far, I've also jumped a few times, but I'm a big wimp when it comes to these games anyway. It has been frightening enough for me so far. The sound effects are awesome, and god I just love the tension when using the scanner.
Problems I can see so far though are mainly that the enemies seem to ignore the friendly AI and go straight for you as the player most of the time, and sometimes the way the Aliens moves doesn't look quite right (setting aside the obvious horrible animation on the .gif from earlier in the thread).
Maybe it's just my low expectations, or maybe I'm making excuses because I just like playing Aliens games, but it is no where near as bad as I had feared, although I am only an hour in lol.