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I'm enjoying the game a lot, but the draw/view distance is really low. This makes navigating in the open world and cities much harder.

Is there a way to increase it?

This question / problem has been solved by townltuimage
bump! :P

I would like to know this too.
i've been looking into this aswell, it's really short. i can handle the outdated graphics, but that draw distance is painfully short.

the only thing i've found that might help is the Cosmic Forge editor, been messing around with it a bit, but no luck yet.
I suppose you want to increase view disatance for Wiz8, else forget it.

Get the Cosmic Forge Editor from http[colon]// (cant post links atm)
install an run as explained on madgods site and in the readme that comes with the archive,
its located in subfolder \tutorials (btw surprisingly also with a tut;)

In CF for Wiz8 main menu -> run the location editor -> click on "General Parameters"
there you see a location specific value for "view Distance",
change it to the desired Distance, click "File" and "apply changes".
You will have to do this for every Location individually!

I think a value up to 2000 will cause no issues in any location of vanilla Wiz8,
in oppostion to mods where a high number of moving dynamic objects simultaneously in view can bring the engine down,
it does not appear to be connected to the computers speed.