On initially running the game I set the following graphics options in the launcher:
Resolution: 1920x1200
Texture Filter: Trilinear
Anisotropic Filter: 4/6
Full Screen
Do not show FPS
Vsync Enabled
The opening scene and pilot creation screen were extremely choppy (~2 secs per frame...similar to trying to play WC3 in SVGA on a 486/66 with 16(!!) megs of RAM). Couldn't figure out how to quit from the pilot creation screen so I alt+tabbed out to windows to right-click -> close from the taskbar. Misclicked and dumped myself back in the game and it now runs smooth as silk from the opening scene to actual dogfighting in space.
System specs:
Windows 7 Ultimate, 64-bit SP1
Intel Core i7 (920) @ ~2.67MHz
8 Gb of RAM
2x Nvidia GTX 285 w/ SLI Disabled