The game looks far better on Very High than it does on High, but practically no computer of the time could run Very High with acceptable performance for a FPS. I loved not only playing the game and being astonished by the visuals, but tweaking my computer too squeeze out the most possible FPS out of my 8800GT/E6750. That was back when overclocking could really get you somewhere. You could take a Q6600 from 2.4GHz to 3.2GHz with very little effort, which is like a 30% boost
That said I understand why people would hold off on purchasing it until they had a computer that could run it, and since some of the most impactful rendering features (godrays, object motion blur etc.) were locked to Very High it seemed to me like that was the intended way to play the game. Not sure what they could/should have done differently. One of my favorite gaming experiences of all time. Probably the reason I joined this board.
P.S. since I brought up overclocking, I took my GeForce 6600 from 300MHz to 450MHz with nothing but the coolbits tweak and 5-10 minutes. Can you imagine taking 5 minutes for a +50% boost on a 4060?