This is half way tweaked. INI changes and 16xQ AA setting.
I think it's either transparency supersampling or ambient occlusion that the game freaks out if you try to use. I had both of those turned on and it was... interesting to see it trying to render once the game had loaded.
My biggest question right now is how stable the engine will be if I try to raise draw distances. The game is averaging 90~ish fps so I want to increase the object draw distance but that pretty much made oblivion and fallout 3/vegas crash happy.