I'm using 2x 7900GS's in SLI, and it runs great... It did take a lot of tweaking and fiddling though...
I had to reduce a lot of the settings,
Video mode: 1280x800 MP (1440x900 SP)
Refresh Rate: 75Hz MP (60Hz SP)
Aspect Ratio: 16:10
Antialiasing: Off MP (SLIx8 SP)
Sync Every Frame: Yes
Dual Video Cards: Yes
Shadows: NO MP (Yes SP)
Specular Map: NO MP (Yes SP)
Depth of Field: No
Glow: No MP (Yes SP)
Number of Dynamic Lights: Normal
Soften Smoke Edges: No MP (Yes SP) - Can't actually see any difference, apart form framerate, with this for some reason...
Ragdoll: Yes
Bullet Impacts: Yes
Model Detail: Normal
Water Detail Low MP (Normal SP)
All textures Set to Auto
MP = Setting for Multiplayer, SP = Setting for Single player. If not stated which, same applies to both.
I can run at max settings at 1440x900, but the foliage rich levels, such as creek, pipeline, overgrown etc, would drop my fps from around 200 to as low as 20/30... In Campaign I don't mind if the framerate gets a bit choppy, but in multiplayer I like everything to flow nice and smooth...
I used the Nvidia control panel to match application settings for the most part, however I force alternate frame rendering, and I push max pre rendered frames up to a whopping 9 instead of 3 (occasionally causes some minor textures glitches/lag)
You probably want settings slightly lower than mine, but not much I would think... Depends on your CPU and RAM as well... I've got an overclocked Athlon X2 5600+ (running at 3.1Ghz on each core) 4GB OCZ Ram (overclocked from 800Mhz to 897Mhz). My motherboard helps as well though, it's only a lowly 590 chipset (Foxconn C51X) but it performs flawlessly (Despite mee using 4 gb on a 32 bit OS

)...
EDIT: Just reread your post, and noticed you're on x64... Not sure, but you could be experiencing a problem with the operating system... (I'm on x86/32 Bit)