Now that's what I'm talking about! ... Bok, what fps are you getting at 1280/4x? Add in some proper textures to replace the Quake3-class textures that seem to be in the game currently, and it will actually start to look quite good.
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I'm getting a not-so-bad 30 fps, with 8xAA. Inside towns, I'm still getting a bit less unfortunately, but I think it's because towns are so CPU intensive.