No, just no. If you're talking about graphics from the year 2000, then sure, but too many things that were acceptable back then just don't cut it any more:
1. The shadows look awful
2. Long-distance rendering of objects is really bad - hilltops covered with trees become as bald as a billiard table beyond about a thousand meters
3. Performance with the latest and greatest hardware is unacceptable, especially as map sizes increase (anything over about 30 FPS is almost never seen).
4. Fog and flame effects look awful.
5. On a lesser note,but still there, the vehicle models are starting to show their age - seriously, is this the last computer game (and yes, these are all computer games, whether you like it or not) where the main gun barrels and wheels are 8-sided objects?
Don't get me wrong - CM does a lot of things right, but a lot of other things are vastly outdated.