Soldato
I think the issue is it doesn't look much better over much less "intensive" games. I mean I'm not being funny but STALKER Clear Sky still has phenomenonal godrays, is open world, came out years ago and you could play that on a 5850. The effect isn't the issue. It's the pointless tessellation (again) that is.
According to this GodRays would almost halve your FPS in STALKER Clear Sky.
That doesn't sound like a small performance hit to me.