This guide explains which in-game settings make sense, which don't and which can even give you a strategic advantage over the enemy.
Graphics:
Here the tempers are probably arguing. Would you rather get high-end graphics or a tactical advantage? I usually play with all settings maxed except:
Grass: Low
Texture Quality: Low
Depth of Field: Off
Trees: Low
Because the fact is, if you play "Grass" or "Trees" with high graphics settings, you only have a limited view in these biomes. This becomes especially devastating when the opponent has placed stakes on the spot!
Controls:
Increase Camera Height: Yes
Unit drag style: Yes
Holding ALT modifies: Yes
Auto attack setting: No
Interface:
Display performance info: Yes
Audio and Voice:
Voice channel: No
Party chat Auto join: No
Team chat Auto join: No
Match Chat Auto join: No