Whelp there is definitely some graphical craziness going on, I'm running a GTX 770 4GB model and averaging at about 45 FPS with everything high bar shadows which are off. Tweaking things really changes nothing, even putting texture quality to lowest setting gives me a measly 2 FPS.
RAM usage is crazy high as others have pointed out, so a memory leak is most likely the case there. CPU-wise WildStar is using a total of 20% of my i7 3770k, so the devs seem to have no bothered with sharing the load. What is weird as well is of my 8GB RAM, only 2.5GB is being used by WildStar, not sure if that is of any significance.
Definitely some optimisations in order, I go to about 25-30FPS when in towns, have yet to go into a capital but I'm dreading that.