When I tried the L4D demo back in the day (never tried L4D2 due to lack of interest), I was able to max it out with full AA at 60+ FPS constantly. As long as you've got a decent CPU, the engine is not very taxing graphically. Valve uses low-res textures in general, simple geometry, and a very basic dynamic lighting system, with a few fancy shaders on top to make the game appear to look better than it really does. Maybe L4D2 is a little more taxing, but from what I've read, it's not very system-intensive.
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