Well that patch works very well!
The only errors so far has been on some occasions (~25% of the time) that the grass or ALL building or both will be missing from the world space, so you either have to quit the game and restart it or exit the mission/.trk/etc then enter the video options and press ok (without changing anything) then wait in the main menu until the music starts before reloading the mission/.trk/etc.
edit to above: also exiting to the main menu then reloading the mission/.trk/etc has the same effect most of the time ware as also going to the video options and press ok (without changing anything) works all of the time before reloading the mission/.trk/etc.
&
Wile the method of displaying buildings now much further away & switching LOD’s of buildings is a vast improvement on the old method, in towns of ~300+ buildings at low level I see quite a lot of light brown etc buildings which are nothing more than 12 triangle rectangular boxes (lowest detail LOD) even though other buildings much further away are showing a higher detail LOD. Image attached below though not the best example of it!
shot_20110415_174753.jpg
With respect to “shutters” caused by buildings and how LOD’s etc were handled there is ~85% reduction “shuttering”, that is to say the duration of each “shutter” is significantly reduced and the amount of individual “shutters” is significantly reduced when below 100m AGL
over a large town 
Performance v1
vs. v2
vs. v3 beta patch with like for like settings (SSAO = on & original texture detail)
1280x720
V1 test1 benchmark 160sec = Frames 8609, Min 28, Max 79, Avg 53.806
V2 test1 benchmark 160sec = Frames 9946, Min 39, Max 78, Avg 62.163
V3 test1 benchmark 160sec = Frames 11448, Min 49, Max 85, Avg 71.550
V3 test1 benchmark 160sec
no SSAO = Frames 15001, Min 55, Max 113, Avg 93.756
1600x900 (AA = off)
V1 test1 benchmark 160sec = Frames 7614, Min 26, Max 62, Avg 47.588
V2 test1 benchmark 160sec = Frames 7891, Min 31, Max 61, Avg 49.319
V3 test1 benchmark 160sec = Frames 8913, Min 43, Max 67, Avg 55.706
V3 test1 benchmark 160sec
no SSAO = Frames 13371, Min 53, Max 102, Avg 55.706
V3 test1 benchmark 160sec
with AA @ x2 = Frames 8065, Min 41, Max 59, Avg 50.406
1280x720
V2 test3 benchmark 160sec = Frames 8095, Min 25, Max 91, Avg 50.594
V3 test3 benchmark 160sec = Frames 9335, Min 39, Max 93, Avg 58.344
V3 test3 benchmark 160sec
no SSAO = Frames 11815, Min 41, Max 125, Avg 73.844
Game settings (unless otherwise noted in above benchmarks):
settings.jpg
System:I7-920 (@ default)
6gb ram (3 x 2gb)
GF GTX275 (@ default with 270.51 drivers)
Win 7 pro 64bit