Fenix Mod by itself cannot provide the same "graphics" as efx mod, but by the same token, efx mod cannot provide the same scripting flexibility as Fenix Mod; or Project Blue for that matter. Personally, I think one of the problems with growing developers is that they spend too much time worrying about the graphics, and not enough time working on the gameplay.
I'd much rather see a 'PS2 quality' game with an in-depth storyline, compelling cutscences, a breakthrough (in terms of FPS Creator) inventory system, more interactive objects, so on and so forth; than the same old empty rooms, with an over-bloomed, blurry mess of shaders and plastic looking walls and floors. And even moreso, it's nice to play a game once in a while that doesn't run at a depressing 10FPS.
But, a bit more back on topic; Fenix Mod can work wonderfully with bond1's Metro Theater Shaders, and his even more recent segment shader; to give you the perfect balance of scripting inginuity, and eye candy. If you want even
more, then I would recommend Project Blue, for the additional full screen shaders such as bloom and motion blur, to go along with aformentioned world shaders. TBH, efx mod is old news
Kravenwolf