dcbernman: Wait, do you play with ubersampling on or off?
I play with it off. If I turn it on, my framerate drops significantly, just like you observed.
it's a strange graphics option to include. As far as I can tell, it was intended solely for those with truly top-end systems packing multuple, extremely powerful graphics cards. Fortunately, the game still looks great with it off, since my hardware can handle every other setting at max.
@Goodmongo, you can probably get 60 FPS with everything maxed as long as you turn ubersampling off. You should try manually setting that. I'm not sure whether the "high" setting actually turns on everything except ubersampling, but if it doesn't, you can probably turn a few more things on (or turn them up) without much framerate drop, as long as you leave ubersampling off.