Got any links/info? 'Cause I'm willing to bet that the camera and gun are still linked like in a video game, unless it was intended that iron sights would be the only way to actually get a shot off.
The guns have a "loose" trajectory relative to the orientation of the weapon, but it's not perfect. The mod above, while it does have a physical distinction between the POV of the player and POV of the barrel, there's also a lot of magickery involving camera inertia.
There were also a few source mods which, using motion tracking or a wiimote, allowed guns to pivot exclusive of the POV, and function relative to its direction, rather than the player's.