I think that they're trying to change all the sounds, or at least I hope they're trying to. It's part of what makes me feel like I'm playing GoldenEye, and not just some HL2 mod. I think that the sound should be changed from that unique hl2 sound that doesn't even sound like a flashlight to the simple click-on and click-off sounds that you hear from a heavy-duty mag-lite flashlight, similar to the flashlight sounds of Zombie Panic.
As for the look of the flashlight, it obviously isn't top priority, but something that would be neat is if instead of casting a beam of light, just a small bubble of area would be illuminated by the player, similar to what you can see with the black fog effects of surface 2 and depot in GoldenEye 64. However, an issue with this is how it would look from third person. It would probably look as if they're carrying a white torch with them(strange looking), while the current flashlight works fine and looks like it's attached to the gun.
Meh. I'm rambling, but just to share some of my ideas.