there are rumors that crytek will release a official texture update but this will definitely take some time.
Patch 1.3 was mainly adressed to the multiplayer so no ultra mode anyway.
and I cant believe that there will be never some fixes for the editor,the engine and the SP.
I dont think the support is totally dead but there will be pass some time.
The are three configs which bring the best graphical settings :
(take the highest level)
You can try them all out and decide.
And the command for changing the texture size of the shadows is :