I think the fanbase would be best served if the models became a backdrop based on a lower setting or separate button, something which allowed for the decision. Those that do more single playing would have their 3-D models and MP would have speed.
I think the settings do a pretty good job of bringing down the graphics as is, although I could see a dropping of polys working for the lowest setting.
The shimmer? Do you mean the bloom? If so, you can turn that off. If you mean the glow of the stars, I would say incorporate that into the lowest settings.
To get the graphics to load smoother I would say one of two things would be necessary. Either the player to reduce the settings BEFORE starting a game OR for the game to load only necessary elements, an idea I always thought sounded better.
Auto-updating research doesn't sound bad, especially for late game. I think the current setup isn't bad, although it does take a bulk of resources up front. If they either made the research take resources as it engages OR gave you a categorically based system that ran up the tree systematically, it could work.
Just my thoughts. Probably more work for the devs than most would think reasonable.
And yes, my three days, on and off the boards, were freaking sweet. 
