Doesn't seem to be much of a difference between the higher ("volumetric effects") settings.
The difference between settings is the density of the volume effects used for flashlights/vehicle/special lights that are not players. The difference is the amount of slices and spacing inbetween each slice. Higher settings allows IIRC 200+ slices at once. Kinda costly effects with so much transparency. By default the optimised type of slices is used in Crysis games which are called 'Optimised' and AFAIK 1280x720+ res upscaled. You can also switch to full resolution or fake ones. Fake ones might be for lowest setting.
Anyway best place to 'study' them is the "core" level which has tons of volume effects for lights with slices. Funny thing is optimised looks IMO better than full res ones due to the 'soft glow' on slice edges blended due to upscaling of post process effect. I am sure someone commented about this to regarding Metro 2033 v.h full res PP and high upscaled PP. ´
EDIT: Reminds me of STALKER games crazy use of full res volume godrays with 40+ slices that can cover the whole screen with huge depth. Hah crazy unecessary stuff..
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