Question about system compatability

I'm having very slow framerate issues when running the game with the ultra graphics enabled. I have played with the individual settings some, but for the most part have just moved the slider all the way to the right and bumped fsaa up to 4x. I'm running at the standard 1920x1200 resolution.

I'm getting average framerates at about 20 FPS, often dipping below that number.

I'm thinking that my rig should be able to handle this game easily with everything cranked to the max, but perhaps my expectations are too high or I'm underestimating the needs of the game.

Take a look at my system specs below, should my PC be able to run this game with everything maxed out?

Q9550 @ 3.4 Ghz
4 GB Patriot Extreme Viper RAM
eVGA GTX 295
Intel 80GB SSD

TIA for any help