I was able to make the game playable by setting everything low/off, 2xAF, 1280x720 and disabling motion blur. Relative to console games, it still doesn't look that bad. The thing I find weird is the game doesn't seem to get choppier when there are a lot of objects moving around/being acted upon by the physics engine.
If you have a really low end PC and don't have a console, try it out. It doesn't look as bad as you'd think.
Btw, Walmart (canada) is apparently doing the $40 promotion for the console editions.