Kudos to the guy!
Had some interesting testing with this mod. I bet a lot of people are smiling.
FPS wasn't an issue for me in most cases, but it has certainly increased FPS without a doubt.
Ran it with both, then just nossao, then just lowtex.
I found lowtex made the landscape look 'ugly' and didn't improve performace, so I removed it. Although the 'ugly' is hardly noticable at higher alititude; making it moot for most I'm sure.
The nossao certainly had an impact, reducing stutter's, although not eliminating them, and increasing FPS! No discernable difference in visuals.
Settings: 1920x1200, all max except - no AA, very low building detail/amount; tree high.
I7 (gulftown), 12Gb RAM, HD5970
Here's a screenie on how the ground looked with mod and without.