The first settings screen deals with monitor settings, like resolution and fullscreen/windowed/borderless
You can also select from a bunch of predefined quality presets here, which is typical for CryEngine games. This can be customized further in advanced settings
It's nice to see an option to show the in-game FPS
Field of View can be adjusted between 60/65/70/75, which is a bit limited, especially 75 seems too low for many setups.
What's missing here is an option to enable or disable V-Sync. You can set this via the developer console (tilde key, left to the 1 key) and type r_vsync 0. Alternatively, you can set it through command line arguments "+r_vsync 0".
In advanced settings, details can be adjusted per rendering category.
Draw distances, even at the Ultra settings, are not set to the highest, so you can improve quality beyond Ultra here if you have the graphics power.
Most people hate motion blur, you can easily turn it off here