In one side we get the "realistic" stuff. Head bobbing, eye adaptation, depth of field (that one depends on the artistic orientation), etc.
In the other side we get the "camera" stuff. Lens flares, bloom, depth of field (again, depends on the artistic orientation), dirt on the screen, etc.
It is a camera (LENS flares) you're not in there, you're looking at it through a camera. It looks cool if you're... say, a space marine with a helmet and your visor is dirty, you're inside the helmet and you're looking at the world through the helmet, you see the dirt on the helmet, you see the funny things it does with light.
In Crysis, the protagonist is not seeing the world about him through his own eyes, so I don't personally see "camera" stuff detracting from that game.