Have to say, the difference does look pretty sizable here:
Whatever you choose, I still think its a fantastic idea though to provide gamers the option. Obviously, we've had it on PC for as long as I can remember but this is the first time that a console developer has recognised how important and significant 60fps can be to the experience and as such they are offering a game that is "toned-down"graphically to those who want it. That deserves masses of respect.
As for those moaning, it is clearly a fantastic port job and is a fraction of the price (I have it on order for £35) of a standard next-gen title. They could have launched at full price as far as I'm concerned, but its pure entitlement to complain about it as it is.