First of all, the game is fucking awesome and every inch as good as I hoped it would be, a rare occurance for games that are really hyped. It looks great, it runs great, and has that fast and tough feel from the first UT that went missing in the later installments.
As I expected they did an excellent job on optimizing it for lesser machines. I tried running it on my shitty laptop with the lowest settings, I get a very steady and comfortable FPS and it doesn't look horrible.
http://img120.imageshack.us/img120/6918/laptop1to8.jpg
http://img120.imageshack.us/img120/9022/laptop2aa2.jpg
http://img240.imageshack.us/img240/8849/laptop3xy3.jpg