Core2Duo E7300 2.66, 2Gb RAM, nVidia GTS 450, Windows 7 x64 (yeah, really a budget machine).
Playing with all sliders maxed out, only AA is overridden in nVidia Control Panel (in-game AA settings don't seem to work). All good, except for the occasional lag when I forget to close some apps prior to launching the game (read: probably need more RAM).
Seems that devs rested on cheap beauty though: GPU goes really high even inside the sub. So much for spending 90 percent of the time on the map, and the rest 10 percent - seeing a very limited area which is most probably 90 percent water