Make a macro with the following console commands, or enter them by urself by typing /console command and then pressing enter.
/console farclip 784
Range is 177-784. This increases the maximum view distance, before fog completelly covers things. Fps impact will depend a lot on your graphics card, had 0 impact on mine, nothing compared to groundeffectdensity.
/console horizonfarclip 6226
Range is 0-??. This incrases the mafimum view distance, even with fog applied, for example the mountains in the far distance.
/console skycloudlod 3
Values are 0, 1, 2, 3, default is 1. This improves the quality of sky textures and clouds.
/console groundeffectdensity 64
Range is 16-256, this increases the ammount of grass seen in the radius defined by the next command. Setting this command higher is a fps killer, 64 makes it look nice and there's plenty of grass to look at.
/console groundeffectdist 140
Range is 0-140, this increases the radius of the grass you can see, impact on performance is minimal.
/console detailDoodadAlpha 128
Range is 0-252, this makes the grass transparency look better, apparently by increasing the resolution of the mask texture applied, making the edges of look sharper and more precise. Impact on performance is minimal.
/console smallcull 0
Values are 0, 1. Default is 1. This makes small objects like bottles, barrels, bones, tents, disappear when you are far from them. By setting this to 0, these objects no longer disappear at such a short range, but at a much larger one.
/console characterambient
Range is 0.0-1.0, default is 1. By default, players and mobs are lit by a fake ambient light, with this set to no value, you disable this light, making models look better when you approach a light source and light/shadow properly applies on it. This command is not remembered by the client, so you need to re-enter it each time you open the game.
Macro should be as follows:
/console farclip 784
/console horizonfarclip 6226
/console groundeffectdensity 64
/console detailDoodadAlpha 128
/console groundeffectdist 140
/console smallcull 0
/console skycloudlod 3
/console characterambient
And here's a video to see what you've been missing out, just in case.
http://www.youtube.com/watch?v=IrJjwY59jts