I fired it up for a bit yesterday and I'm having fun so far. Sailing ships promises to be fun, and these busy cities seem great for exploration. Perhaps I enjoy the setting a lot more in the game because It doesn't feel so tedious so far. Oh. But the framing first person sections I still want to end as soon as possible.
And now that I'm finally happy with my frame rate it's even better. Had to turn AA all the way down to fxaa, AO is on HBAO (low), and shadows are on Very High (but not soft shadows). Other than that the setting are cranked up all the way, including resolution at 2560x1440 which makes everything so crisp.
The key for me was disabling vsync in game the using d3doverrider to enable it and force triple buffering. Normal vsync was really killing my frame rate and made panning around real choppy. Triple buffering fixed that.