SSAA is the best if you have the hardware to handle it. Oversampling then downsampling is standard practice for photos, films, music, audio, etc. to avoid aliasing artifacts due to the Nyquist frequency. In gaming these artifacts manifest as jaggies, and they are what bother people the most. All the various flavors of AA algorithms are alternatives to SSAA because it is so expensive to oversample in realtime. Because gamers mainly only carry about the jaggies, MSAA can smooth that out. MSAA doesn't address other aliasing artifacts like the nasty ones you can see looking at a wall full of straight lines or the rainbow artifacts. (aliasing is not just jaggies). So yeah, SSAA is the best. You could have 32x AA of whatever flavor and 2xSSAA would still look better IMO.
Anyways, baytex do you have an nvidia or ati card? I'm on nvidia, I can takes screens when I get a chance. FXAA alone was not jagged at 1920x1080, not to my eyes. Any differences are diminishing returns. If it doesn't effect performance I suppose it isn't a waste but it is if you can handle SSTAA to smooth the alpha textures which would look better and sharper (again, if the rig can handle it)
I got Radeon 6950, so SSAA can be enabled in CCC?
Edit: Turned it on and I gott something called 2XeQ on to. Looks like 2x AA but I got better fps.
Edit: Damm! put 4x SSAA, looked much better. But it it took it's fair share of my FPS though,