I also did a complete reinstall with much the same results as you. After the last retail patch my fps probably halved, the first time I had got a backwards step from an update. They are now back to the old levels if not a bit more. I tend to use the 'Bomber intercept over London' mission as a benchmark. I load the mission and hit autopilot and watch the fps counter especially in the first attack on the bombers. When I first bought and installed the game I got a freeze of several seconds at that point. Now it drops to around 24fps from just over 30.
Funnily enough running it over a few days I also had that feeling the developers had sneaked in another update. This was mainly due to a marked improvement in ground object texture, particularly trees. Before there was a circle around my plane where the LOD of trees suddenly changed from good to poor. This was also where any fickering of tree and cloud shadow would occur. Suddenly, a few days after reinstalling, the LOD transition had smoothed right out and any flickering shadows were almost completely gone. The trees in general looked much better, sharper and better defined. Even the green seems to have improved.
Incidently, after reinstalling all my controls settings had changed. Needless to say I hadn't saved. And aircraft had aquired icons.
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