I dont find the graphics bad at all, they are quite good, especially with the killings, makes it all the more fun. It was not a game that was supposed to be all about the graphics, but more about the fun game play aspects, which is what makes a game more enjoyable and will last longer, rather than amazing graphics, but no gameplay.
If you want a game that is graphically amazing, go and pick up Crysis 2, released summer next year with the Cryengine 3. New computer required for that me thinks, not that I have that sort of money after I blew a load on a new machine back in april