Modified values are in bold and can be lowered / altered. Some of the other settings can probably be tinkered with as well but I wouldn't worry too much about them
Anisotropic filtering removes the blurriness of textures while Antialiasing removes the jagged edges from models.
You can use FXAA instead of the standard Antialiasing for somewhat better performance but the result won't be as good.
The Catalyst drivers from ATI should have something similar.
