There is absoultly nothing wrong with the shadows. Voldumtric Shadows are supposed to be like that, if you play JA, its the same thing too. But voldumtric doesnt seem to appear in cutscenes and they just appear as simple shadow. If it does bothers you then use cg_shadows 3 to give you projected shadows, which is better for FPS, but not as good as voldumtric.
Xbox 360 Gamertag: cr0wnes7