This is a very simplistic guide to understand some settings of the game, and maybe, get a few FPS without quality loss.
by AdamantiumReaver
(You may share and/or fix any errors I may have done or said in this document; just give me a copy and maybe some credit, I'll appreciate it a lot. Thanks!)
This is my Rig
HP LAPTOP - Pavilion dv7-7047cl  etc..
> GPU:  Nvidia GeForce GT 650M
> CPU: Inter(R) Core(TM) i7-3610QM CPU @ 2.30GHz
> 8 GB RAM
> Resolution: 1600 x 900, 60Hz (720p)
List of settings, what they do (more or less) and how much they afect the FPS according to FRAPS
(Also recomendatios for FPS boost)
I. Launcher:
	1) Open Cl Calculation: Basically on what Video Card the game runs at. 
 		Set it to your dedicated graphics card (Nvidia, AMD, etc), for obvious performance boost.
	
	2) Graphics: Overall game graphics.
		
 		Set this to "Good", for now.
	
	3) Renderer: how and on what, the game is rendered.
		a) Default - It seems to be Direct 3D 9.0c. (Im not sure)
		b) Open GL - gives graphical errors.
		c) Direct 3D 9.0c - I preffer to set it to this, for no particular reason.
The rest of the graphic descriptions and recommentadions will be based on renderer Direct 3d 9.0c
II. In game settings:
- On default "Good" mine's running on 18 - 21 FPS.
	1) Pixel Light Count - on a technical level, its how many lights are drawn (lights that are ON or Visible) on a given time. 
		- This might affect car lights, placeable lights, etc. However Im not sure since Im standing on the wilderness near to the ship. 
		-  FRAPs doesnt register a change in FPS, for the moment.
		- Use whatever number you might desire from: 0 - 4    (I have it on 3)
	2) Anitialiasing - removes the "jagged lines" on the picture.
		- On this game, all it does is make the game more "blurry".
		- No FPS loss from ON or OFF
		- I leave it off .
	3) Shadow Distance: from how far shadows are visible.
		- Values: 0, 50, 100, 200 and 400.
		- At 0 shadows are eliminated and you get a 2 FPS boost. (not worth turning off).
		- On 400 there's no frame change, but that's relative to the area in which you are and how many shadows are being casted.
		- I set it to 100, for now
	4) Story Terrain - it seems to add fog deppending on the distance you set it up to.
		- No FSP loss or gained from having it on MAX (1KM) or on lowest (128M)
		- I set it to 1KM for clearer view. 
	4) Grass Density: the amount of grass that is added to the scene.
		- On max setting: Denser - has a 5 FPS loss.
		- Setting this to: None eliminates grass completely and has 10 - 12 FPS boost.
		- I set it to: Very little and I still get more than enough grass.
	5) Water Reflection: the amount of light that goes through the water when looking from afar and what things are reflected on it.
		- 3 Settings: 
			a) Always off (it'll never reflect light or anything and the water looks dark blue all the time) you get 2 - 4 FPS boost.
			b) On when close: from afar the water looks dark blue but when close, the reflections kick in and the water looks "cristal clear" and gets a light blue tone.
			c) Always ON: reflections are always on and the water gets the light blue tone even when looking from afar. 2~ FPS loss. I preffer this setting 
	6) Anisotropic Filtering: barely makes any noticeable difference.
		- Since Im using Sweet FX with Luma Sharpen, I leave it off.
	7) Shadow Protection: Not sure what it does, it "seems" to make sure the shadows are renderered correctly...  I leave it on close fit as the is no apparent FPS loss.
	8) Shadow Cascades: apparently it "smoothes shadows" on the distance and blurs them so that they look "better". 
		- No real visibe difference from 0 to 4, and 4 gives a 1- 2 FPS loss.
		- I use 2.
	9) Random Map Terrain - I believe this settig afects adventure mode...
		- In story mode I dont see any real difference.
	10) Grass Distance: Self explanatory. I use it on very near
	11) Skipping Water Refractions and Water Deph since I dont see noticeable change. Leave them on...
	12) Tree level: how lush the trees look from afar. 
		- 1-3 FPS loss on highest setting.
		-  I leave it on Normal
III. On the micelaneous section in game:
	1) SSAO (Screen Ambient Space Oclusion) - to describe it easily, it gives shadows to grass and other things.
		- Untick for 5 FPS boost.
		- I preffer it on for added realism.
	2) Deph of Field: blurs the image at a certain distance
		- 1-2 FPS loss
		- I preffer on
Thats all my friends, hope you enjoy this guide an helps you a bit and your frames until the devs start optimizing.