I always thought that effect was a waste of time, anyone thats seen it in farcry probably knows what i mean, everythings basically overbrightened and it looks more or less like the sun is exploding in some of the screens. You also practically half your framerate and i think lose the ability to use antialiasing. The hl2 effect does look more subtle than the completly over the top look that farcry has though.
Pics of it in "the lost coast" level here
http://www.bit-tech.net/gaming/2005/06/ ... iew/3.html