I sort of like the saturated colors, because to me they feel a lot like the original game. Wasteland was always kind of a semi-serious cartoon. Even if you set aside the original game's colour palette, which was sort of typical for the time, a lot of the character design/actual stuff in the game was pretty cartoony. I mean, giant robot scorpions on treads called Scorpitrons? That's kind of GI Joe. So is the exaggerated, ultra-violent combat text and some of the jokes in the character design.
I like it because it's got more realistic design sensibility than WoW, but it doesn't really look as washed out and grim as, say, Modern Warfare or STALKER. I think it strikes a good balance.