I wasn't really having a bad experience with the game before Patch 2, save for the deplorable PC controls and UI, so I was hesitant to download it.
Well, I grabbed the patch and added that bit of code to my shortcut file. My FPS actually went up, most likely because shaders were no longer locked to ultra. Otherwise, the game played just fine for me. About the only thing that has really affected me with this patch is the quality of life improvement of having pings appear on the minimap, which is quite nice.
I hope that better and more comprehensive fixes for the PC players are coming soon, and I hope that this patch (plus the workaround/hotfix) allowed people who were having technical troubles to enjoy the game.