Everything in LFS up full, hi-res textures (only installed 'em last night though), 4x AA, 2x AF. Any higher AA/AF is unnoticeable for me, but still lowers FPS.
I use Omega drivers. Very light overclocking (stock is 324/290, I'm using 350/320). 1024x768 resolution though, I'm using a TV as a monitor
When I say average, I'm taking into account all different tracks. On Aston, for instance, I can easily get 180 FPS. But in South City, with a nice few cars on screen, it can go down to 50. It generally averages out at around 150 since the new patch
With lots of cars on screen (~20) it will obviously go down to ~50 FPS, but during normal circumstances, maybe 4/5 cars on screen, it will manage about 120.
I do have 4GB RAM and a 3.5Ghz processor though, maybe that has something to do with it