The explosions in BF1942 were good. They didn't look just like smoke, although I admit they were somewhat cheezy-sounding. Not quite beefy enough most of the time.
I personally despise huge, burning explosions. Not only are they fake, but they're also generally too big. I don't expect to have a hand grenade make a huge explosion like it currently does in BF. Rather, it should look more like in Raven Shield - a flash of light, and a cloud of smoke. Debris would also be a nice touch.
Really, have you ever seen an exlposion in a combat situation? Most of them are just a slight pop of flame, and then a plume of smoke. The ones you see in movies are just bull**** - overdone napalm fests.
This is where my signature would go had my host not been such a Bandwidth Nazi.