Of course if/when they do start upgrading the graphics again those of us currently running Ultra will start complaining that 'the upgrade must have broken something ... I used to get X FPS and now I only get Y FPS with the same settings! Waahh!'
Unfortunately, once devs start downgrading graphics to improve performance for the low-end, its very difficult to go back. Easy to make changes that let people run on higher-than-before settings. Difficult to make changes that mean that people have to be seen to tweak their settings down
Maybe here the sliders come in handy, give the option to adjust the graphics according to your system will block the moaning and give people something to upgrade their systems for.