Get patch 1.05 -- a lot of the irritating issues (omniscient headshot AI, impossibly bad helo FM) are supposedlz fixed.
Visual effects are not going to be as good as dedicated SP games, nor, for that matter, your favorite MP games. Sound, well, someone's gonna have a decent sound pack soon.
Penetration is modeled; but the visual effects remain pretty much those from OFP. Yeah, that means that dying is just another animation (and an irritating one at that).
will that make it after all that a fun game? Bah. I dunno. But it's enough to bring me back to the desk and try to make it a fun game.