UPDATE ON STAGE TWO OF FIX
https://forums.frontier.co.uk/showthread.php?t=18573
If you see massive stuttering as soon as other ships appear NPC or otherwise, and turning off effects stops this, it may be firewall and upnp settings are causing issues - though it makes no sense as there is virtually no network traffic.
After re-adding and enabling the firewall for ED32 - as they had been disabled - possibly by windows, this alone seemed to add about 30% to the overall frame-rate, which means nothing but seems to add a little more stability overall.
Next I found uPNP wasn't working according to the logs - though it never seemed to be an issue.
On this, now ED are saying any instructions with uPNP are out of date on forum posts, everything has always worked, and other uPNP programs work for me,but I've applied the old settings anyway - so I have manually let a port through, even though it has probably made no difference.
The next result is that bar planet stuttering at a much more acceptable rate, I can now use 1200p with high settings on everything but effects which are on low, with 1.5x FXAA, and meet the 60FPS sync most of the time in SC and regular flight - for an experience that is as smooth as the game will run generally, with a dip to about 45-50 fps in stations.
Planets still stutter occasionally, but this is a universal issue according to a forum poll, you can now use supercruise and have basic effects - I expect the effects stutter is one more unique issue on some hardware.
I haven't yet tried these settings in a very busy system, and performance is variable, but it is certainly much better than before.
Anyway I hope I will be able to play ED again now, and maybe these notes could help somebody else until Frontier sort the threading model out and stop the underlying issues which effectively limit available CPU performance to negligible levels.
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Hyperthreading is there because threads can spend most of their time fetching data, allowing another execution path to perform a hardware thread while waiting, so I'm not willing to turn this off. A well written procedural system could actually take advantage of this.
Second no game should require bios tweaks such as shutting down services on the mainboard. everything that can be switched off is off though, the PCIe power management may have been a big issue triggered because of the CPU threading issue not providing work to the GPU consistently, or using at least one core a closer to maximum speed - keeping the system in a busy state.