Try this for yourself. Go to an arena like the DA or H2H. Adjust your Video details sliders left and right and test on separate sorties. If you see a difference in the number of kills or amount of damage inflicted, then I congratulate you:aok. Hit% doesn't concern me as much as the amount of damage.
Although, this may vary from machine or connection, my FPS dump the further to the left I place my sliders, and my ability to inflict damage does also.
Now, from a programming standpoint, there maybe no such thing as rubber bullets. However, if your machine setup is like mine, the eye candy lever seems to provide targets with shields:cool:
(This is bad unless you are a jedi and use the force)