This is pretty dark but it's what I roll with right now:
-bloom_intensity 25 -ambient_factor 100 -no_emissive_light -ogl_spec 30 -spec_exp 5.5 -spec_point 0.3 -spec_static 0.4 -spec_tube 0.2
Turn off vsync, make sure 3d ship and weapon selection are on, you should be ready to rock. Oh and disable motion debris. And if you've got it, turn on FXAA, post processing, and soft particles.
Battuta's custom flags are here, and work pretty great for me. Any chance to get suggested custom flags posted in the release thread, or somewhere else?
Seconded...especially for campaigns like BP:WiH, where the lighting settings used for other mods/FS2 don't seem quite appropriate(?)