It also depends on what you play the game for: Do you take alot of pictures for storytelling and/or contests? Or do you simply play? When I play, I usually don't have my settings that high, to make the game run smooth and yet look nice. When taking pictures, I yank them all up to high, to get best possible resolution. It runs a bit slower then though, so that's why I dont play with those settings.
It's really up to you, and how you like things to look/run
