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.