This is a winnner. Unlike when 2.28 was first released, one notch on the environment map slider gives a realy nice look and dosen't hit my FPS so far.
Version 2.28 Patch 4 Changes
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Added an additional setting notch to the environment map slider. The first notch will now use a static environment map. This will give a nice look without the frame rate hit that comes from updating the environment map. The second notch on the slider is now what the first notch used to be and so on for the remaining notch settings.