Back up your original file first which is situated..

C:\Program Files (x86)\Mass Effect 2\BioGame\Config\PC\Cooked (or whatever game folder you set on install)

When extracting, rename the file to remove the v2 from it.

It will do the following..

Remove intro movies
Enable x16 Anisotropic - When file is in right place, run the configuration file in the binaries folder and set the Anisotropic level to 16 and the game will allow it.
More texture memory usage
Better stability in game
Allows some DirectX 10, the game doesnt fully support DX10, but this opens up some.
Among a couple of other things.

To enable AntiAliasing in the game, use your ATI or Nvidia control panel and manually add the game executable in the Binaries folder (not the launcher) and Set AA to override and at 4x (more if you have a nice card or multiple).

To mod who deleted last thread, would have been nice for you to PM me to say why, this is not a file that enables cheats and Pwiz says its fine.

I tried your file and it works well, however I would to know if you'd made any discoveries as to how to remove all of the intro cutscenes. The ones you see when starting a new game. Skipping them or removing them would be good since you see them everytime you create a new character.

I found these lines on the config file, but mass effect gives me an error after editing it. Does it check for CRC or something?

SkippableMovies=ME2_Opening_SunMid_ESN
SkippableMovies=ME2_Opening_SunMid_INT
SkippableMovies=Opening_Seq_INT
SkippableMovies=Opening_End_Seq
SkippableMovies=Opening_End_SeqFM
SkippableMovies=ProNor_Shepard_Rebuilt
SkippableMovies=ProNorEscape
SkippableMovies=ProNorEscapeAsh
SkippableMovies=ProNorEscapeKaid
SkippableMovies=ProNor_EscapeRun_Pod_Shots
SkippableMovies=ProNor_Pod2