My cards a 128 meg Radeon 9800 Pro, making it roughly mid range nowadays, and thus I can't really speak for the lower end cards, but I've played with only slight slowdowns in a mission consisting of every HTL ship so far.
Each 2048 res main texture I've made weighs in at 5.4 megs, with an additional 1-5 megs for the glowmap and/or shinemap.
My question is, why is it the shockwave in particular that a fair few people are having trouble with, while these other hefty ships and textures - which need lighting calculations and multiple render passes, are apparently not causing similar problems?
If Strat's right, and it all comes down to the fact that it's multiple frames being used, well, not much can be done about it for now.
However, why is a similar problem not occuring with the warp map - which also ammounts to 5 megs? It just seems strange to me that the shockwaves are the ones to cause the problems when there is so much else that runs fine on the same systems.