Bioshock is a damn good looking game—for its time, and even now. It's got an ageless look, an art direction that's not going to go old anytime soon.
Using assets from Bioshock, a visual artist named Scott Homer over on Polycount has put together a series of still images with CryEngine 3, so you'll know exactly how the game would look like if it were made in Crytek's vastly superior engine to the one the original game used.
One would wonder how the entire game would look like reproduced in CryEngine 3, especially with its facial features not looking anything like the (unintentionally) plastic faces of Bioshock.
Keep in mind that the screenshots are described as a Work In Progress so they look too "clean", and lack the particles, props, and decals that give Bioshock its aged, rusted look.
Were this concept to become a reality, I'd demand its developers to "Shut up and take my ADAM!" Make it happen, people.