It can be adjusted further using the fLODFadeOutMultObjects. On balance I really don't recommend lowering this below the mid-point of the slider, if at all. While this will improve FPS, objects such as street lamps, cars, rubble, railings, fences and so forth suddenly popping into view just as you come to a few feet away from them while wandering the game world will really detract from immersion and reality, and will also annoy you, because an area which seems open from a distance might suddenly be completely blocked off by wreckage or a fence upon closer inspection. However by the time the slider reaches the far left, more prominent items such as the fence as well as various mounds of rubble and the guard rail to the right are all removed.

As you can see, as the Object Fade distance drops to the mid-point, only a few minor items in the distance are removed. See the screenshot comparison above for an indication of the effects of this slider at its maximum (15), middle (8) and minimum (1) positions. As you move the slider to the left, many less important objects will be faded out of view.

Object Fade: This slider controls the distance at which non-major objects such as fences, boxes, wrecked cars etc.