Console games are fine tuned to deliver a consistent experience. While concessions are sometimes made compared to the PC version, often they are replaced with alternate techniques that are optimal for the target platform, and the overall experience reflects the developer's intent.
It's unclear whether these options will affect the game's performance, and in my opinion, hopefully that isn't the case. The reason I bought a console was to have a plug and play experience, not having to worry about any tweaking to have a good experience. While I welcome the ability to personalize the visuals, I hope it doesn't open the door for games that won't have an assured level of quality, relying on the user to decide what compromises they are willing to make.
How do you feel about this, do you see any other pros and cons arising if this becomes a trend?