Nope. I've put shadows on low, AA off, AO off and it's made practically on diffence at all in my fps. That may work for gpu/cpu combinations that aren't gimped by whatever in the code is causing the poor performance on machines that should run the game well, but for people like the OP and me, it does NOTHING. Nor does cutting the sound quality to low and the channels to 16. And THAT, in and of itself, should tell you that the problem lies in the code/game, and NOT in the settings selected by the player. Then again, some folks don't just want to admit to plain facts and common sense when they have an agenda to protect.
First, let me appologize, because I am about to be nasty and mean; AND im going to damn well enjoy it!
In a few minutes of research of the CPU listed in your signature it would seem that you bought a clunker. I really hope you dident pay too much for it or got it quite a while ago. Let me elaborate, your i5 650 has similar performance to my nearly five year old Q6600, and thats before I throttle the Q6600 up over 1GHZ per core with an OC. Which blasts my performance up another 25%. Ergo, my five year old CPU has 25% more processing performance than your nicely branded "i series" turd. ( in the synthetic tests I found for your cpu that I have also run personally).
Not to mention its a dual core with hyperthreading. And you have physics being run on the CPU because its an AMD Card isntead of a Nvidia card. In case you dont know, and Im damned sure you dont, Hyperthreading offers a performance hit on a single thread(~20%), but then gives you a second thread per core. Threads in this game like the main thread and the draw call thread need the maximum amount of power possible. So your CPU is a double bottleneck inside a turd.
Son, thats a bad combo multiplier to have, the Unreal tournament guy would say Combo whore right now but even he is choking on the shyte that is your excuse for a gaming cpu.
Then there's your video card
Which is less powerfull than a 4870, which is already an ancient piece of tech. Never mind how it gets pommeled when compared to the 4870x2 2Gig model that I have.
And after that shocking wake-up to the turd festered machine you have, you want to come play a brand new video game on highest settings because your computer is "good" (Im sure that's what they told you at future-shyte) and they should just optimize it to make it work.
The generation of console based video games has certainly spoiled a lot of gamers out there into just assuming that level of optimization and visual trickery is easy & available on a lower budget game( read less then $10,000,000). ( Gta 4's dev cost was over 100,000,000).
I play on all medium settings and I dont gripe about it, and I get 60 fps average with dips to 40 and jumps to 100.
caveat one: Game performance *WILL* jump for everyone not running a very powerfull CPU when the sound is no longer cpu based.
Caveat two: I've had the performance fixes fubar with my performance as well, so there are some oddities there. But even if without those you should not expect to run on anything above medium.
do yourself a favour:
i5 2500K ~220$
AMD 6850 130$ ( CF if you can )