Hopefully, but it is still possible that it won't be, since many engines don't support such dynamic shadows. The Doom3 engine seems to support truly dynamic shadows rather nicely though, so hopefully valve have looked into it if only to compete with ID's graphics
I've heard that traptown in particular is older than some of the other vids.. has anyone noticed how the shadows work in any of the other vids?
Read the information available and you'll notice that these videos are from an OLD build of the engine. There have been updates since then although we don't know exactly what has been fixed in regards to shadows. Hopefully they work a bit better.
Shadows on in-game objects is one of the direct X 9 functions so it is something you'll be missing if you don't have a dx9 card.
Doom III for it's part, has the best lighting system of any game in the near future - a unified lighting system. Truly amazing. I've taken computer graphics courses (writing shaders, raytracer, etc) and it's amazing what these people are accomplishing.
By pointing out flaws in the vids this early before the release you give them plenty of time to fix them. I'm sure that the shadow bug is major enough that they will work on that asap if it's not already fixed.