Driver defaults are almost always best for compatibility and performance - setting everything to minimums will bring you a maybe 10% fps increase.
What else is in ur system?
Seems about right: SLI 480 sc 980x 12gb 9800gt physx = 50 min ~55 average
in game its always 60 (i cap w/ vsync to my monitors 60hz)
but i max out almost everything for quality in nvcpl (except AAx8)
Also physx makes an assload of difference on high (at all really).
BTW: (best quality)
amb occlu = quality
aniso filter = 16
anti alias gamma correct = on
AA mode = 8
aa transperancy = multisample (the others - super- are better quality but not worth the performance drop)
multi = single performance - even if you have 2 or 3 but are only using 1 then use single
power = adaptive (i think it does a good job of jumping to high power mode when running games)
sli mode - nvidia recommended
texture filtering = off (opengl - doesnt really matter)
negetive lod bias = clamp
filtering quality = quality
thread opt = auto
triple buff = on
vert sync = on
It's fine to change a few global settings, but most of the people who edit settings in the nvidia control panel use the "program settings" because you don't want to set your global settings sky-high for some of your older games only to realise it's also set for Crysis and BC2 and you can't play for *** because your computer can't take it.
Silversifternhs has given good information, read what he's got down for "best quality".. I can't see any major issue which his settings.