Well. I can certainly tell you where all the resources are going to. Vanguard is a seamless game, kind of like WoW. However, WoW has special choke points between zones which is pretty much the same as EQ1 or EQ2 but without the loading screen. It does not even have these. This is precisely what causes the system requirements to soar through the roof while simultaneously reducing graphical quality. Frankly, I like the environments better than EQ2, and especially the dungeons, but I agree with most of you on the character models and animations. Hopefully,at least the animations will imrove. Once the models are clothed and armored their flaws are less noticeable.

As was mentioned by someone, increasing the far clipping plane is a good idea. It causes things to load further away, if your RAM can handle it.

Also, there is an occlusion setting specifically for whether or not to render non-visible things. I would recommend turning that on if it is not. They recommend only turning it off if it causes problems.

I am currently running Vanguard on an ancient (Almost 4 years old now!), but well upgraded PC. I did have to upgrade to 2 gigs of RAM but thus far it runs acceptably.

P4 2.8 Ghz CPU
2 Gigs of Corsair DDR RAM 400mhz
8x AGP GeForce 6800 Ultra w/ 256 MB (Oh how I wish I had a PCI express slot! lol)

I get about 20 frames per second, haha, but it stays steady without too many dips so it is completely playable.

I would recommend playing for more than 45 minutes before being too harsh on the game, however. I am level 12 now after a few hours and having MUCH more fun than I did after my own shaky first 45 minutes.

I usually play an all magic or mostly magic setup but if you want to go mostly melee youll definitely want a melee weapon skill like sword or blunt. For magic support, do not take destruction if you are going to be mostly melee.

If you want to be more agile, take light armor, if you want to be a tank, take heavy armor.

If you want to be a power hitter with big two-handed weapons dont take block, otherwise it is a good skill.

I cant remember which skill improves your critical damage when you sneak up on someone, but I would recommend taking that one. (Not at my home computer right now)

For magic support: Restoration (Very Important), Illusion (Very Imporant), Alteration (Optional)

Basically the setup I have in mind is this:

Focus: Melee

Main Stats: Endurance, Personality

Blade
Heavy Armor
Block
Sneak/Security (Whichever improves sneak damage)
Illusion
Restoration
(Armorer,  Alteration, Athletics, or whatever you want)

If you take light armor instead of heavy consider Athletics, or Alteration.

With this setup you are a very deadly hitter, though you will need to focus on boosting your strength early on to fully realize this. You can tank. You have lots of hitpoints and good armor. If you take alteration, you can boost your armor further with shield spells and improve defense from the elements. However, your real strength comes with both the ability to heal yourself and move unseen.

In combat if the foe is proving difficult simply cast a heal over time spell then go invisible. Go in to stealth mode and sneak around while invisible. When your heal is finished, get off a devastating sneak attack on your foe when he least expects it. Nothing I am aware of except maybe some bosses can see invisible characters. WIth tough opponents you can repeatedly vanish and reappear, harrying your enemy with sneak attacks. As long as you play your cards right you will be all but invincible. You will be physically tough, capable of healing yourself, and capable of quickly removing yourself from combat if you get in trouble; not to mention a very deadly hitter when you catch oppponents off guard (...or even when you dont, depending on how you develop your character. That is the beauty of Oblivion).