Don't understand why, but the game seems to run "better" now (1080Ti, 16G Ram, UW3840x1600) with textures on Ultra, even though they recommend 32G Ram.
This was not the case in the first Beta, it chugged. Allocated/Dedicated GPU Ram is ~10G on Ultra vs about 6G on High. (deleted shader caches between tests)
Turned Vsync off to check with RTSS, and the frame-time graph looks smoother running around town trying to force the game to load assets etc. FPS is about the same. Perhaps the game is preloading more assets by default on Ultra, and this is a contributing factor? No idea, but keeping my eye on it.
After that, tried FSR2 on "Balanced" which netted me ~40% gain in FPS and I'm really struggling to tell the difference. No DLSS to compare it with, but the game still looks amazing, none the less. Blizzard has certainly done an incredible job with this engine.