After spending more than an hour tweaking the game's configs yesterday... I have concluded that DX11 implementation in FC3 is total sh!t.
Believe it or not, DX9 actually has better draw distance, nearly as good image quality (honestly, I don't see the difference, even if tesselation is "disabled" on DX9) and most importantly, A LOT better performance.
The only thing DX11 has over DX9 is HDAO and MSAA.
Some say they don't see the God Rays in DX9, which isn't true. It's there.
You can always add the AO settings in the game's config to override to get nearly HDAO quality on DX9 though, without the huge performance hit of course.
As for AA, you can use an SMAA injector like SweetFX to get the best of both worlds. MSAA in FC3 is stupid beyond comprehension as of right now.
Really, the only reason to go DX11 is if you want to use HDAO and MSAA... both of which makes no sense when you lose over 40% in fps for such minimal quality improvement.
Another shitty port from Ubisoft after AC3.

EDIT:
Here's someone's screenshot from Guru3D regarding the further draw distance DX9 has over DX11 (and also the similar image quality).
DX9 -
http://www.abload.de/img/dx95sx6a.jpgDX11 -
http://www.abload.de/img/dx11viz7e.jpg
Added on December 1, 2012, 1:38 pmQUOTE(devillightning1 @ Nov 30 2012, 07:57 PM)
add my steam devillightning1...uplay oso same haha

Added on November 30, 2012, 7:59 pmfrom what i saw from the forums, DX9 is about 95% of the image of DX11 (MAXED) while having much higher FPS....
i think DX9 disables MSAA and HDAOYou can add an in-between HDAO setting under DX9 mode.
Go to your GamerProfile.xml file under users/my documents/my games/far cry 3.
Then change SSAOLevel = "x" to 5. It's not as good as HDAO, but it's much better than the ridiculous black aura you get from SSAO and HBAO.
This post has been edited by SSJBen: Dec 1 2012, 01:43 PM