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Have you tried turning off individual visual elements in the renderer options, rather than everything at once?
With the weapon models, your issue may be this: http://www.dengine.net/forums/viewtopic ... 176&#p3176?
Are you running other programs in the background that are taking up resources etc?
It is just possible that 1.1 includes additional and/or more detailed effects over 1.01 that naturally, will reduce performance more (you have stated that 1.1 features improved effects and such).
You may well have to compromise; use the older 1.01 or 1.1 with some specific visual effects of your choice reduced or turned off completely via the renderer menu (choose to edit the renderer profile, rather than just selecting it).