I think it's better than the original. It hitches sometimes during gun fights, which is really annoying (It's not an issue of my computer, Project Reality stopped doing it once I got more RAM). But the atmosphere is much better and feels more detailed. Plus the "horror" scenes seem larger I guess you could say. It also runs perfectly maxed out @ 1280x1024 w/ 4xAA and 8xAF. BUT, that's probably because of the huge black bars.
That's my issue with the game. It doesn't support 1280x1024, you can even see the bars in Castiel's screens but he's in Widescreen so they aren't as huge. I stood around in the beginning because I thought it was still a cutscene the bars are so huge.
Here's a quote from the readme.
"In order to get the best game play experience, it is not recommended to run F.E.A.R. 2: Project Origin at high resolutions. You should avoid resolutions above 1024x768 for 4:3 displays, 1280x768 for 16:10 displays, and 1280x720 for 16:9 displays on any current generation card. Instead, use the full-screen anti-aliasing (FSAA) option under the Advanced Options menu. This helps improve the visual quality of the final scene without dramatically increasing the amount of work that must be performed."
What. The. Fuck.