I have done a lot of testing over the last couple of days and there are certain areas that are very laggy in Fallout 4. Two of these areas are Corvega and Finance District.
After some testing I found out that Shadow Distance are bugged as it looks now. In the worse area for me (the finance district) I got as low as 20 fps with first settings. 20 fps are as most people now not acceptable. So I started to do some testing by first lower the settings to Low and started the game and my fps skyrocketed to 57-60 in the same area.
After that I started to turn up settings one after an other to see which one was the big hogger and every things was barely touching the fps till I came to Shadow Distance as soon as i cranked up the Shadow distance my fps dropped to the floor again. So I tested to turn everything to ultra and then turned down the Shadow Distance to medium (lowest setting) and my fps went from 20 to 45-50 fps in this bad area. Which is still not good but atleast its playable.
So after some more testing these settings I listed down below changed the game from more or less unplayable to very enjoyable.
The settings I changed was those I show below rest set to standard Ultra settings:
Shadow Quality: Medium
Shadow Distance: Medium
Godrays Quality: Low
Rest is set on ultra and the game runs very smooth for me now. So if you have FPS problems do these changes.
As a side note if you run a AMD GFX card like me go in and force tesselation to 8x or 16x in you Catalyst drivers.
After these changes the game runs more or less at a solid 55-60 fps for me some bad areas it might drop a little bit down tot 45-49 but its just certian areas in the Finance Districte and Corvega factory.
So if you have fps issues try these settings.
I hope it will help people with bad fps.
My system as a reference:
AMD FX-8350 @ 4.2
16gb ram
ATI R9 280 3gb
Windows 10 64-bit