For Mid range rigs, if you use the Ultra-High preset, turn water reflection to low and Anti-Aliasing to TAA, the game looks incredible with minimal performance hit beyond the usual hiccups in towns and such.
I recently was able to get an ssd and more memory. I set game to ultra to take a screenshot for the housing contest and was stunned by how gorgeous everything was AND with the upgraded hardware I am actually able to play on Ultra.