I have 2GB of RAM with GW and *everything* turned on (which I should probably reinstall and be more selective). Frame rates aren't too bad, even with a flaming sinking ship and the seefloor visiable I was at 20FPS. Harbour is fine for me as well.
Now, loading times is something different all together. It takes about 1 minute to load the game itself, and a mission takes nearly 2-3 minutes to load sometimes. But once in it's cheerleader thigh smooth.