The official build is at 1.4.0 now, and they fixed all of the issues. The game performs as it should now
And yeah, draw distance is worthless..I turn it down all the way..if you get on top of a lookout point and compare, you might see an additional bus rendered in the distance, or a small group of zombies 100 yards farther out.. not worth it at all.
Also, if you are getting any kind of choppiness when getting attacked by zombies, or when the spitter hits you with acid, turn Nvidia Depth of Field off and it's fixed. Another worthless setting as DoF is still present when it's off.
I know you're Jew about the online multiplayer, but that is a lot more fun.