iPresentInterval is set to 0; I believe that's what controls V-Sync, right?
And I wouldn't really know about drivers. I just downloaded the v11.11 and the newest Catalyst Control Center. I didn't really expect them to help much, and they didn't.
Yeah, pretty awful performance so far, all in all. Any other suggestions?
Your hardware should be up to the task of running the game smoothly at low settings. The issue is that there's console hangover and the software is causing hardware resources to be underutilised. Bethesda will likely release a fix; they were working under the assumption that PC sales would be low compared to console sales, and the code reflects that. They were wrong, obviously, and no doubt realise as much now.
Try going into catalyst control center; Force settings for as many categories as you can to minimum (ie; take away application controled) and enable triple buffering.
If the game gets properly patched, it should run fairly well on your rig (that's a guess based on the cpu/gpu/ram usage on my own system), but that's for the future.