You will probably loose some detail in particles (smoke/fog/steam, snow etc), but I think you'd have to take a screenshot to see what you are missing or not. I'm not sure if lowering this number will actually help, since there are plenty of commands in both .ini and prefs.ini that doesn't do anything, regardless where you set it. Setting dynamichdr to 0 for example, won't turn of the HDR. So I'm not sure if this really works, why don't you try it out?
Changing the maxdecals and maxdecalsperframe to lower numbers does work, although many things will look less detailed, but I noticed some performance increase right away.