Currently having a lot of success with these modifications to the conf.ini file in the steam folders (NOT USER/MY DOCUMENTS!!):
ShowMeshLOD=8 (was 0, 1 gives poor fps)
VisibilityDistance=0 (turned down from original)
Contrast is set to 1.4 and gamma to 0.6 through a custom colour/shade modifier (though CCC or Nvidia control panel will do the same job) .
(I have a bright, 8bit monitor).
The game looks quite nice on these settings, keep in mind contrast and gamma are exponential differences in my program.
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