Elder Scrolls IV: Oblivion

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4xAA+Bloom and HDR are both very pretty on their own ways. The only necessity is large textures, which can also tax your card a lot.

However the game is still extremely impressive even on minimal settings. The graphics part can play at a reasonable rate if you eliminate grass and reduce viewable distance to minimum (less work for your graphic card).
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Reducing the shadow distance sliders can also have a big impact, especially outdoors.

It's interesting seeing the differences between Oblivion on my PC, my roommate's laptop, and my friend's desktop. The same game can just as smoothly on my X1800XT as it can on a Radeon 9600, albeit with drastically reduced eye candy. The gameplay, however, is identical. Half-Life 2 did a great job of scaling down for low end computers and I was happy to see that Oblivion caters to most hardware as well.