While the art style was great and all, I do agree, Bioshock wasn't that impressive visually. It's graphics while some parts of it lent importantly to the game like the water, were no where near as important for the feeling of the player in the game like I think the Far Cry games have been. Then again I could be wrong.
I agree, such things as texture detail and some effects isn't that good in the game IMO. For me the thing holding it together is the art.