Works fine for me.
Go into your q3config.cfg it should be in the baseoa folder. If your running Windows it may be in another place(from what I've heard that is).
Find the section called cg_drawgun "0" and replace the "0" with a "1", you should now be able to see your gun.
For gibs(bload guts) look for cg_gibs "0" and replace with "1"
For fancy shadows look for cg_shadows "" and replace with cg_shadows "2"
That should fix most of your problems and gie you a few extras too.