No. Even though it is a graphics engine used in FPS games, it does not mean they will be using the same textures 3D models, or viewpoints. The only way they'll "resemble" HL2 is that it is likely to have the same level of realism over it, when it comes to realistic shadows, reflections, and other effects.

And I did download a few videos off that site. I didn't find it dramatically better than HL2 or Unreal engine 3. Sure, it had a fantasy setting, but that can be done with UE3 too.