Just putting it out there that this is what the video options screen looks like:
The engine doesn't need settings, it scales based on available cores (CPU and GPU). It also offers CUDA texture streaming (which is what's causing issues for people with unsupported hardware in terms of texture pop-in) - that's what GPU Transcode means.
Even so, it may need patching or better driver support - the focus for devs has been the BF3 beta. It happens, it's id's first real launch of the new tech and they had to concentrate where they felt their focus was financially. Carmack's already said that a HD texture pack is on the way and the mod tools are in the game already so no doubt this will be fixed. Don't blow this out of proportion.