Ultra high settings - Official TF2 Wiki - Team Fortress 2
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If cl_new_impact_effects is set to '1', Source Engine 's updated, threaded particle system (as opposed to the original engine's system) is used to render bullet impact effects. The results are most noticeable on glass. Certain community particle effect mods may require the use of this command.
Steam Workshop::Cl_new_impact_effects impact_fx impact effects
steamcommunity.com
These are the new impact particles can be observed in TF2 with the command cl_new_impact_effects 1. I've tried to port them over as accurately as possible, they look 1:1 to me. Note: these can function in-SFM as impact particles, from recording the in-game decals.
Valve Original Particle Impacts Mod for Half-Life 2 | HL2 Mods
gamebanana.com
Particle impact effects replace the hard coded sprite effects of the original game and have the advantage of offering increased detail and higher resolution assets (the old sprite based effects have the advantage of colouring the impact effects based on the texture hit)
New impact effects improve fps. - teamfortress.tv
www.teamfortress.tv
If cl_new_impact_effects is set to '1', Source Engine's updated, threaded particle system (as opposed to the original engine's system) will be used to render bullet impact effects.