Looks so much better than default, the pictures don't do it justice.
For the big increase in quality, the performance loss is surprisingly minimal, only small FPS drops (about 5-10 FPS max) when near a few shiny things at the same time (like near a few cars together) otherwise it's not a noticeable performance loss. This is while playing with 2560x1440 resolution, graphics on max setting as well as all options enabled except bloom (don't like the effect), view distance set to max (9000) and 27 other mods enabled (not using MOP or any other mods that improve performance) so people using lower graphics settings, less mods etc probably won't notice any performance loss (although improvements might not be noticed as much either).