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MentalButcher: Actually if you go into the game and set it to ultra setting, then you only really need to change these three:

seta image_downSize "0"
seta image_downSizeBump "0"
seta image_downSizeSpecular "0"

In case anyone should be wondering what the issue is, look at the attached pictures. :P
CymTyr: Apologies for commenting on an old thread, but it's a sticky so... After having issues with my monitor doing crazy stuff, and Q4 crashing every time I ran it lately, I deleted the cfg files and verified the install, then *just* changed these three items after enabling multi core and 16x AA ingame.

Everything works perfectly, and now my monitor doesn't look like it's bleeding out white light whenever I close the game.

Thanks, m8.
That did it for me. Thanks!