blackdeath.ntrk, minimum fps 12 average 48 maximum (i dont know, bcuz i turned off the benchmark after it quit to menu so it benchmarked 630fps).
Im running it at 1280*1024, and now with exellent ground detail instead of perfect. No AA, but don't know about af. In setup i set on texture anisotropic arb extension, and i set texture filtering to anisotropic, but i don't know how much af.
For ati= water 2 was for those ati cards with sm2.0 when pacific fighter came out. Now for ati cards with sm4.1 it's not problem

It's sounds a little funny to me that water 3 is too much for my machine, when i playing with games without problem, what are far more shader intensive than il2(that's why il2 runs much better with nvidia cards, what are slower in shaders but better in texturing, and of course in opengl). In stalker(+ float32 shader mod), oblivion a lots of shaders everywhere, and i playing with them not just on maximum graphics, but with 16x af, and 4x aa.