WOW, I SOOOOOO need to get a new graphics card. I'm running this on low settings because my card is crap. The graphics I'm getting look like a game from 5-10 years ago. They're more then good enough (I've never been overly concerned with graphics, it's all about story and gameplay with me), but I have to admit, the game looks pretty sweet the way it was intended to be seen.
You might have half resolution enabled. If so, disable it, and your graphics will improve dramatically. (And if you have a card that meets the minimum specs y9ou should still get a decent framerate with everything else at low.