So I checked it out using The Riftbreaker demo... and, at least on Nvidia.. my results were ok I guess.
I cropped all of these from 3840x1600, since I have an ultrawide monitor.
In motion, I noticed the reduction in quality immediately. Even Ultra Quality looked soft in motion, especially the foliage. It's definitely passable if you're requiring some extra performance however. Anything lower than Ultra Quality and the IQ is just not acceptable to me. This is obviously only one game, and I can only speak for my own setup.. although it does appear to be the same thing on AMD GPUs as well.
The other thing I noticed is that in the Performance mode, you can see the FPS of 191 there, but that framerate was actually fluctuating between 170 and 195 constantly. It never remained still, despite the fact that absolutely nothing was changing in the game scene. I never noticed it in the other modes though.