If only all those effects were actually in the game..
Those effects ARE in-game. It's the same with all valve games. Understandably you can't perform some of the more interactive gestures, and there aren't as many "pause in awe" moments either, but it's pretty much that. After all, most of the stuff you won't see in-game are the extreme close-ups, but otherwise it's all good. Anyway, freaking awesome trailer, pre-ordering right now. Okay, in five minutes, but that's all!
You're trying to tell me that the smoker's tongue is now a dynamic model rather than a particle effect? That those high res high poly models are used ingame and not for cinematic sequences? That players are acutally ragdolled during the bombing sequence against those cars, rather than what any intelligent individual would presume was a scripted animation for a cinematic.
That those high res high poly models are used ingame and not for cinematic sequences?
mat_picmip -10 doesn't work unless cheats are on.
mat_picmip 0 is the closest you can get I believe.