Here is a fix for the error "Less than 512mb of video memory" medium settings forced. Found this in the steam forums.

"exit the game and you will find a config file in /Documents/My Games/Wings of Prey/ called config.blk, open it with notepad, and find the line that reads

512mboughttobeenoughforanybody:b=no and change it to
512mboughttobeenoughforanybody:b=yes

Save the file, run the game again and choose detail level needed."

good lookin out m8. :p