Haha I actually bought it during its early adopters phase sometime last year, it was call FPS creator ....something. Back than, the only problem was performance, and many of the functions weren't available yet....like the UNDO button!! Which drives you crazy when you are sculpting terrain.
But this is a FPS game, so you can't make another genre from it. But graphics wise, it is absolutely beautiful. It's not at Crysis level graphics, more like L4D2 on high settings, something like that. Put all the setting high and with bloom effect (diffuse glow) sometimes I just play it and stand at the beach I created to enjoy the view! Haha.
I guess when I have the time, I'll download and install the latest version and give it a spin.