I'm having terrible performance running the newly released version. I'm getting about 10 fps at the lowest possible settings (which also look terrible). No grass or shadows, and Play-doh trees. I was able to run the pre-release version on high graphics without problems.
I'm running AMD FX 6 core ~3.3Ghz, 8 Gb RAM, and AMD Radeon 6450 with 4848 MB memory. I've got DX 11.2
Also, I did remove Steam local content and re-installed the game before trying the new version, so there shouldn't have been any old files hanging around.
I had the same performance problems with every server I connected to since the update, even the one behind my own router, so it's not latency problems.
I'm really disappointed that the "release" version doesn't run for me even though the "early alpha" did. I invested a lot of time playing and reporting bugs to help improve the game along the road to release. Have the system requirements changed that dramatically? Is performance going to be improved/optimized in future patches, or should I give up the game?