The game's shadows are meant to be on Medium if you want a smooth experience. Period.
The values ARE too high on the High and Ultra settings. The only way to tell a difference between them and Medium is to compare screenshots from the top of a tall building. You don't notice it much at all in-game.
You can't run 60 fps plus on true dynamic shadows everywhere on current hardware, and it wouldn't be the first time a game developer include graphic settings that are impossible for current GPUs to obtain.
IMHO, a lot of [censored]ing and complaining could have been avoided if Bethesda just made the High preset 3500, and the Ultra 4000. Instead, simply because the setting preset is there, people expect to obtain it.
The very fact that the only way Bethesda can optimize shadow performance in areas on their patch is to delete shadow-casting objects or change lights to static tells us there is nothing wrong with the shadow system, other than it being too demanding when used on a city-wide scale at once.
I've done extensive testing over 160 hours with a 980 ti. Believe me - Medium setting is the best setting. Like High instead of Ultra Godrays, the extra performance hit is not worth it. Get over the ego of having to have the Shadow Distance box say Ultra, and enjoy how gorgeous the game looks on Medium. We'll all appreciate the Ultra setting in a few years with newer GPUs, but until then, chill out. 