FEAR is a very demanding game. Not being impressed with playing it on a laptop is the real issue, the game itself when run on hardware than can deal with it in all of it's glory is visually amazing. The game is geared towards the highest level of hardware though, as Doom 3 was when it was released, so don't pick on the game just because our laptops choke a bit on it.
As for getting the most out of it on the hardware we have, there's always The FEAR Tweaking Guide
, but from what I understand, the engine doesn't allow for much tweaking so you have to gain your performance by turning down the eye candy a bit. (Covered in the guide.)
While I haven't played the game yet, from what I've heard it's a lot of fun but can suffer at times from the same maladies as most FPS games when it comes to lack of variation in bad guys, etc. (But the AI is pretty good compared to others.) No biggie since we're all used to things like that, but from playing the demo it was clear that the graphics can be really nice on the right hardware.