I don't get why you hate Quake IV so much. I liked it more than Doom III, personally. Was it a milestone in gaming? Of course not, but I found it fun and that's all that really matters.
As far as this Raven-developed Wolfenstein game, I think the concept sounds stupid. Sure, the Wolf games have always been B.J. against the Nazis dabbling in the occult. Still, at least you played in a conventional manner. Now there's going to be magical powers you can use? I'm not so sure this is going to work.
The polygon models and textures look like they are from Medal of Honor: Allied Assault or some other FPS game of that era. The other effects are nice though. Here's to hoping they bring on Nerve or Splash Damage to make the multiplayer portion because Return to Castle Wolfenstein and Wolfenstein: Enemy Territory are easily my favorite multiplayer games ever.
Overall, I don't really like Raven much. Except for Quake IV, I've always had a lot of bugs and crashes in Raven games, and always felt they were technically inferior to other games around at the same time, especially in terms of the quality of the polygon models. I've also never really forgiven them for the misleading multiplayer demo they released for Soldier of Fortune II: Double Helix.