I ran it in dx9 mode, using steam I changed the gamespy comrade folder so it wouldn't ask for install, also changed the video folder (but that removes the intro vid etc) probably best to rename the trailer video files.
I just put a "System.cfg" file in my main directory
r_WaterReflectionsQuality = 4
e_water_ocean_fft = 1
Had the game set to GAMER settings, then put this cfg file in, you guys could probably bump the vegey detail up. I'm only running a x2 5600+ and a 2900xt. It's far from max of course.