Dynamic realistic lighting is great and all, but I think that good textures are the most important graphical part of a game. I think the Max Payne games looked as good as games like Far Cry and Doom III even with older technology, becuase the photo textures were awesome.
I think the Doom III engine (in it's current form) is perfect for dark confined areas, but wouldn't work well for well lit open areas. The Crytech engine did a wonderful job of a tropical island, but was lacking for interiors. The HL2 engine looks perfect for an urban setting. I don't think any of these games would look better with each other's engines, because each engine has strong points and weak points that are customized for the type of game.
I think the Doom III engine (in it's current form) is perfect for dark confined areas, but wouldn't work well for well lit open areas. The Crytech engine did a wonderful job of a tropical island, but was lacking for interiors. The HL2 engine looks perfect for an urban setting. I don't think any of these games would look better with each other's engines, because each engine has strong points and weak points that are customized for the type of game.