Rift runs on the GameByro engine, and we all know what that means.  
So after doing a little research I found out that the hotfix for Fallout: NV also works in Rift.  
All you have to do is download one of the following .dll files and place them in your main Rift folder.  
Be sure to choose the right one according to your video card: 

Link for NVIDIA users
Link for ATI users 
 
Now from what I have read not everyone has noticed any changes by doing the following. 
However for myself this method worked significantly for both Fallout: NV as well as Rift. 
The very next time I logged in my game loaded at the 50% mark and was running 20-30% faster. 
 
I hope this helps anyone who may experience similar issues.

Hmmm, worth a shot.  

Cool, I haven't noticed particularly bad quality, the game looks great on my ATI 5770, however if I can get better performance then I'll try this out too. I don't show fps but I'd guess that I'm getting about 30 fps