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The Emeryville area is as dense as downtown LA--how are the framerates?
Cab view seems consistantly in the low 30's thru this dense area. Outside view varys considerably, depending on where you place the camera and what is in the consist. I had a 50 car consist behind 4 of Marc's F-7's, pulling a bunch of Tim Muir's highly detailed freight cars, with the camera out in front, up a bit to take in the long view, and looking back at all of Tim's moving cars. FPS were down quite a bit... 11-12 IIRC. Change out that consist, put in passenger cars, the rest about the same, and it was up to 18-21. So I guess the complete answer is... it all depends.
One thing I have done is to experiment in managing the load point studder by preloading into memory a lot of these structures. See once loaded, the game doesn't need to go back to the disk again just because you move over a new load point. What this means is if your activity starts at the Oakland Yards, most of the Emeryville buildings get pre-loaded... they're all hidden underneath the yard. Then when you move into Emeryville, the game already has most of what it needs. Elesewhere I start preloading objects in the rural areas and spead the preloading out over several tiles. Pull into town and most of the disk work is already done. It seems to help.