Chug,
AH2 is one of those rare games that is mostly CPU-limited and not Video Card limited. That is to say, your 3 gig P4 is running at FULL THROTTLE to calculate the AH2 environment and sending all that data to teh video card, which is totally able to handle it and then some in 90% of the scenes.
I myself have a P4 at 3 gig and a 9800Pro (flashed to XT speeds), and I get around 70 fps on the runway, and it never gets below 50, BUT....
That's because I am judicious with the video driver settings and the AH2 quality/performance sliders. Using the wrong settings, I can get framerates even worse than you.
Try this: use 512 or 256 sized textures. Fly at 1024x768 resolution. In the video card drivers, try turning off Anti-Aliasing, or only do "2X" Anti-Aliasing.. Start playing with the AH2 Quality/Speed sliders.
There's a lot of room for variability here...
-Llama