This is all with using Vista in Dx10 mode (DX10 is in effect, as there are soft-particle effects I've seen).
Few things I have noticed,
(1) physics animations are apparently capped at 30fps, so even if you're going at 100fps, the objects bounce around at 30fps, I think that's why the demo defaulted to 30fps so many times until I changed the "desired frame rate" in the config file.
I took a video of it if you don't believe me.
(2) Also, the textures aren't really that hi-res, but this could be just due to the demo.
So just like Quake Wars, this is console-ized.
If you go to the default config file, I changed this from 25 to 55,
I went back and set the "Minimum desired framerate" to 1 on both, just to make sure it doesn't degrade anything.
Then I went and turned off real-time reflections and V-sync, and now it stays around 60+, through the first part of the demo.