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As an aside – who uses a PC for games? I do and just for a test, I ran the BI benchmarking utility. I ran it three times and got these FPS results:
Very Low Mode – 145 (average), 42 (low), 397 (high)
Medium Mode - 129 (average), 45 (low), 234(high)
Ultra Mode - 75 (average), 32 (low), 140 (high)
But for the life of me I couldn't see any visible difference between any of the different modes! They looked exactly the same to me. Maybe a frame by frame analysis would show the difference but when playing a fast moving game, I doubt most people would be able to tell which 'mode' the game was being played in.
I don't know about anyone else but I find that games played in 'low graphics mode' look almost identical to their 'high graphics mode' counterparts these days yet the difference in frame rates can be vast.