Greetings,
I have had no problems with PlanetSide 2 but recently an update seems to have made the game rather unplayable. I updated Dxtory to 2.0.127 as suggested by other thread and checked steam for massive log file (happened before but not anymore). Unfortunately without success. Whether I run Dxtory first or after the game has launcher, it will always drops the FPS from 100+ to 30-50 as if it was limiting the graphics card.
I had to ignore PS2 in order to play it and use Dxtory for other games.
EDIT: This issue seems to have gone away after several (PS2) patches. Tried updated to 2.0.128 and everything is still working fine.