Something is wrong.
I was running the game with an OCed GTX 480 before I blew it up; that card was only slightly faster than a stock 580, and a 580 is faster than the unlocked/OCed 6950 I'm using now. I typically get 50-60 fps cruising around Death Valley with a mix of high and very high details, 1920x1200 resolution, and forced 4x AA, 16x AF.
I don't use CCC as I find their presets to be less than ideal, sometimes even harmful to visual quality/performance. I did reference them when making my own configs though.
Only issue I can think of that could be slowing your setup down, assuming you have everything installed and configured as it should be, and aren't seeing any throttling, is the amount of video memory MWLL can use on some maps. While my current card is generally slower than my last card, it does have more VRAM, and this does make a perceptible difference in some areas. I've seen MWLL use 1.7GiB of video memory on occasion.
If you could post the driver versions you are using for all major hardware and what processes you typically have running, that might help.
Also, if you are willing to try my custom config files, that would give me a base line to compare performance with your system.
For my config I set the in game quality settings to all high, except for textures (very high), sound (very high), particles (medium), and motion blur (completely disabled).
Then I use the following autoexec.cfg and system.cfg files:
e_cbuffer = 2
e_detail_materials_view_dist_xy = 4096
e_detail_materials_view_dist_z = 1024
e_precache_level = 1
e_water_ocean_fft = 1
q_Renderer = 3
r_colorgrading = 1
r_DepthOfField = 0
r_GeomInstancing = 1
r_sunshafts = 1
r_UseEdgeAA = 0
r_UsePOM = 0
s_FormatType = 3
s_MaxChannels = 128
sys_physics = 1
sys_physics_CPU = 5
r_TexturesStreaming = 2
con_restricted = 0
e_hw_occlusion_culling_objects = 1
e_hw_occlusion_culling_water = 1
e_recursion_occlusion_culling = 1
e_particles_thread = 1
e_terrain_occlusion_culling_version = 0
e_vegetation_static_instancing = 1
es_ondemandphysics = 1
gpu_particle_physics = 1
Note, I also use x64, DX10.