The epilepsy filter is going to be removed
once they tweak the graphics in a way that doesn't present dangers for epilepsy. That means we'll get the FPS back, we just don't know how the visual effects will be handled: for example, are they just going to be less bright or disabled altogether in some cases?
That's what is the core of the issue to be honest. If they disable all the muzzle flashes, the bullet impacts and the night exhaust flames then it's going to be a bit disappointing. I'm still getting a collector's edition (i have it on pre-order) because in all likelihood there will mod packs with the stock effect packs.
You know me, i always like options. So, since they already have the stock "seizure inducing" effect pack and they are now coding a secondary "epilepsy friendly" effect pack, why not have both of them and be able to choose?
Like i said, if devs can't do it for legal reasons, modders will do soon enough