@RazberyBandit: subsequent patches done to WoW have added the following:
- fully programmable shaders are now used in several cases, like version 3.0's HQ shadows
- texture sizes for new areas has increased: Shattrath and Dalaran cities require twice to 4 times more video RAM than, say, Ironforge
- texture sizes for lvl 70+ items have been quadrupled (3.1.0)
- viewing distances have been increased by 40% (2.4.0)
In short: If you played WoW with everything maxed out in version 1.0.0, your settings would now equate to low/average settings (but you would still have the same rendering and speed that you had at the time). However, maxing out everything WILL cause slowdowns, especially in complex/populated areas (Dalaran streets bring my HD4850/512 Mb down to 10 fps - jumps back up to 40 fps when entering, say, a tavern, even when said tavern is crowded)