Strange as I had two displays running 1920x1200 and when both were on it would lag more in the game, but when I disabled the 2nd one, it wouldn't lag anymore and got better fps. Surprised you didn't get that.
Yeah to be honest I was surprised too... I tried both turning off the monitor and going into Catalyst control panel and disabling it,... really didn't change framerate at all.
It looks like the things that are impacting framerate the most are those little checkboxes at the bottom of the graphics settings. Also, changing shadows to "Environment Only" instead of "Full" helps tremendously. The checkbox that affects fps the most seems to be "Multipass terrain." By unchecking that, trilinear filtering, fullscreen fx, and projected textures, I'm able to keep everything else at Ultra settings and get 40-43fps.
To be honest, I'm probably being picky here. I just logged in on my wife's 2010 iMac and she only gets 17 fps with these same settings.