The demo apparently is 1.02 + some elements of 1.03.
I have played the German version at 1.00 release, there's a pretty big difference. For one it performs much better and also they have opened up the video options completely.
I am finding the demo runs very well for me with everything except AA and AF set to High, view distance 3000m, fillrate 100% (or 3D resolution set to the same as my monitor) and Post processing off. I hate the post processing, it is so ****ing blurry it's unbelievable. My guess is they are trying to hide how ugly the terrain can look at distance from your player with the blur.
It's like;
Post processing on Low = pretty damn blurry
Post processing on High = oh god my ****ing eyes!!!
When you have it off you can actually engage the enemy at range, it's great, however the game doesn't look much better than Arma I with it off.