Setting God Rays to High and Shadows to Medium should sort things out on high-end rigs.
The performance gain from lowering God Rays from Ultra to High is immense for very little difference, visually.
Shadows are just completely broken the way they're implemented. First, Ultra creates absolutely NO visual difference from High, and the difference between High and Medium is night and day in both performance (waaay up) and visual quality (waaay down).
Running Vsync OFF to test the actual impact around Faneuil Hall, on an:
i7-4790K, 4.0 GHz
GTX 980 ti, 6 GB DDR5 VRAM
16 GB G.Skill Gaming RAM
Samsung EVO SSD
With Shadows at Ultra, I got a minimum of 9 FPS. Frickin' -- 9 frames per second. On an eVGA GTX 980 ti. That was: "NINE" (9).
With Shadows at High, it jumped all the frickin' way up to 15-18 FPS
With Shadows at Medium -- 62 FPS. 62 frames per second. Minimum.
So, lowering shadows to medium should ensure higher-end rigs perfectly smooth gameplay across the board. Medium rigs should see drastic improvement.
Low end rigs...you're playing a Bethesda title, whaddya want?