So I decided to take the leap with this mod, considering I could easily delete it and roll back to vanilla. After backing up my files and installing ICEnhancer 1.2 on the latest Steam build (sans EFLC), I crossed my fingers and fired up the game.
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What a pleasant surprise. Graphics looked NICE, similar to a lot of screenshots on this thread, and the nighttime gameplay was equally if not more brilliant. On an AMD X4 635, 4GB RAM and GTX465, the game ran between 30-40 FPS on 1920x1080.
Am at work right now and will put up more screenshots later. Here are 4 for now: