I have the graphics set to Ultra Quality, 2xQ AA, 8xAF, Multisampling and the game looks like crap. The player models look like mud.
Compare it to this
http://3dfusion.de/artikel/games/activision_quake4/bilder/q4_quake4_2.jpg
Compare it to this
http://3dfusion.de/artikel/games/activision_quake4/bilder/q4_quake4_2.jpg