I saw akula's thread recently with his settings. I went to search it after I saw some actual screen play in the gold league games. I really like the difference it has made for me. I like that rubble explosions/buildings/smoke is gone. It lets me focus on my aim instead of being distracted by things flying everywhere. As far as the other settings, especially the screen being really bright, I don't really get that. In general though, I'm happy making these changes.
The only thing I would have to say is a downside...it's more difficult to see which tank fired because there isn't smoke coming out of the barrel anymore. I have to rely on the sound more than anything to tell who fired. It's also hard to see where arty shells land.