It is fresh install, with no mods except the deluxe edition ones that came with the game. I cannot update it (I am guessing the steam version is already up to date).
I'm using win7 ultimate on a Intel Core i5 3.20 ghz non-overclocked, with Nvidia GTX 285 non-overclocked with 266.58 drivers.
I have tried nuking the ini file, running with Bloom instead of HDR and lowering quality settings to high instead of ultra, and updating the graphic drivers.
Anyone have any suggestions?