you do know the very best human eye eg: 20/20 vision can only see 28-30 fps? WTF do you need 300+ fps for, 35-50 fps is smooth
wrong. As a simple example:
http://www.boallen.com/fps-compare.html
There are also plenty of videos encoded at 60fps that demonstrate the difference between 30 and 60fps in games. Do some searching if you care to see.
By the way, '20/20 vision' has nothing to do with how many 'frames' of anything we can perceive.
I don't suppose you were around when Geoff Crammond decided to force this idiotic logic on us all by writing his entire GP2/GP3 engine on a lethargic 24fps refresh rate. Curse that fool.
Anyway, as for my settings, when I say the framerate is 'perfect' I mean it's perfect for an antique system running at ridiculous resolutions. START BY TURNING HDR OFF. Instant 50% framerate boost. HDR can look nice but it doesn't look particularly nice in this game at the moment. With it off you lose the washed out pastel colours, but you also lose some of the nice highlights. Anyway, for a framerate impact like that, it's not worth it.
Turn off shadow blur, turn off anti aliasing completely. It's a fill rate hog and at resolutions like 5300x1050 on an ancient card like a 5850, this is fill rate bound. Also limit anisotropic filtering to 2x, I even ran with trilinear and noticed very little filter lines (only on the walls). AF is a fill rate hog as well.
Road reflections, environment reflections and wind/crowd movement is superfluous to a good racing experience and can be turned off. In a sunny race you won't notice any of these missing.
That's it. I get 30FPS on the start line with a grid of 19 opponents on spa, and that soon jumps to 70FPS+ once the race is underway. It also still looks pretty good.
Be patient and wait for the devs to optimise things, especially if you're running Eyefinity resolutions.