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I have a FX5900 with most settings maxed, and I get around 20 in populated areas, 40-60 in empty areas, 70+ in caves.

As for tweaking Cedega, there are a few things you can do:
Assuming you have version 5.0.3 with P2P: Edit the profile that is used for WoW, right click the program and click Edit Profile. On the General Tab, make sure Scheduler is set to "No" and both "Decrease WineServer Priority" and "Accelerated Interprocess Communication" are checked.

Under Graphics:
Set Pixel Shaders to version 1.3, make sure the Video ram is set to the amount your card has, and the AGP Vertex Data is set to about half what your Video ram is. Set Fixed Program to No, Fragment Offset to Tex, and Non Power of Two Textures to Yes. Then check Fixed GL extention Buffer and add "-GL_ARB_vertex_buffer_object" (no quotes) to the Manual GL Extensions.

Hopefully that helps some, but I would recommend backing up your config before editing. I believe there are a few things I need to test some more, but this config has worked for me so far. If I find anything that needs to be changed, ill post it here, ill tweak some more next chance I get. If anyone thinks theres something wrong with one of these settings, let me know and ill check it.