Many sites with game performance reviews usually use 4XMSAA (if available), but it's usually different with individual people. I always assumed most people meant just the general quality settings minus anti-aliasing, but from reading some of the "LOW FPS HALP" treads on this and various other forums, it seems a lot of people now expect ULTRA or MAX settings to include anti-aliasing as far as it will go. Unfortunately, in several modern games, super-sampling anti-aliasing (SSAA) is included in the higher preset AA settings, or as a standalone feature, and all too often people forget or just don't know how it works and enable it without a second though. This results in a massive performance drop that generally cripples all but the highest-end multi-gpu setups.
TL;DR
Who knows, varies from person to person.