Speaking as a software engineer/embedded systems person who occasionally messes with video game programming, I'm fine with this as long as they at least take into consideration what options are available to improve performance later. For example, making more LODs (which may in some cases make the game looks worse).
I am a little bit afraid that the full version will run horribly since it's on CryEngine3, and people will simply accept it and say that it's optimized, and just hardware's fault. But, if that happens, I will probably still have the suspicion that like that old PC-only spacesuit combat simulator (I forget the name), the graphics may not nearly make up for the performance loss, and a different engine might result in much better performance with similar visuals. At the very least, I hope that unlike Crysis 2 or whatever, they don't lock out console commands so people can turn off chromatic aberration or other stuff and eliminate a bit of the CryEngine3 "look".
But, of course that's just me having a suspicion, or a personal belief that the graphics don't make up for the performance, and it's not like I work on the development team. I'd be happy to be wrong about the above paragraph.
I guess one thing to watch as development goes along is, how many games dramatically improve performance from alpha to beta to whatever as content and effects get added? From now compared to 2015 they have a lot of time. But if it's early 2015 and people start saying "The performance will be fixed, this is only a beta", that might be a warning sign.