Let's begin with the default performance mode. I believe this will become the most used mode in this game - image quality is excellent, and the frame-rate target is 60 frames per second. In comparison, the quality mode caps the frame-rate at 30 frames per second while improving the visuals. Quality mode renders at a full native 4K while performance mode instead uses dynamic resolution scaling ranging from 1440p up to 2160p. On average, pixel counts reveal that it spends most of its time around 1872p. What's new this time, however, is the inclusion of TAA with upsampling. This TAAU solution helps even lower pixel counts appear suitably 4K and as a result, image quality is greatly increased over the prior game.
The two modes look very, very close. If you look very closely, however, you may spot one of several key differences. Firstly, the two modes feature completely different LOD settings - distant detail exhibits additional detail in the quality mode. The implementation is very smart, however, as you're unlikely to perceive any sort of difference without direct comparisons - it isn't as simple as culling objects from view, the entire scene is carefully adjusted based on the selected setting. Additional adjustments include fur, which is rendered at higher quality, and shadows. Quality mode also features contact hardened shadows which produce a variable width penumbra in shadow-casting scenes. The quality mode also features additional lights in certain scenes and enhanced sky lighting.
Between the two, I'd have to give the nod to the 60 frames per second mode. The boost in image quality in the quality mode doesn't make up for the lower level of performance and visual quality is still comparable overall. The only real issue I could raise centres on motion blur - the shutter speed isn't adjusted to match the higher frame-rate options so, the higher you go, the less pronounced the effect becomes. Still, performance in the 60Hz modes is exceptionally solid: the 30 fps quality mode delivers a stable 30 frames per second and it's completely locked, with no visible stutters and the frame-pacing is flawless. The 60fps performance mode? Even in the most stressful scenes I could find, frame-rate never wavered from a full 60fps lock.
Moving into the 120Hz modes, the quality mode moves up to 40fps, with an 1800p to 2160p dynamic resolution window. Variations in resolution are very difficult to see. The high frame-rate mode, however, is limited to 1440p output with temporal upscaling greatly enhancing its appearance. The 30 and 40 fps quality modes both seem to mostly share the same level of detail while the 60fps and high frame-rate options share the same visual setup too. This basically means that we're looking at two unique modes in terms of visual quality so with a capable display, there's no reason why you should not just go ahead and use the 120Hz modes.
The two performance modes are the most interesting - if you have what seems to be equivalent visuals between the two, what is the use case for each one and what kind of performance will you actually get? The high frame-rate mode basically removes the 60fps cap and bottoms out the resolution at 1440p, allowing the frame-rate to reach for 120 frames per second instead. The reality, however, is that we're mostly looking at a performance between 80 to 90 frames per second in most scenarios. It can occasionally jump above and below this point, of course, but by and large, this is what you'll get during gameplay.