First off, I have a 770gtx and an i7 950 and 8gb ram.
I've been running the game on ultra (auto detect) since two days ago and it was running very smoothly without any problems.
Just now on my way to the lighthouse (early in the game) my framerates dropped drastically to 2fps during combat in the area where it's raining. Restarted the game and the PC and nothing changed. I switched to low settings and still the same. Teleported back to the city, restarted, and it's still bad.
Decided to load an older save file and the problem went away, the game ran smoothly again at 60fps. However, once I got to the same areas just north of Cyseal the FPS gradually dropping until it hit around 2fps again.
Here's a video comparing a laggy save file and an older save file where everything is fine.
http://youtu.be/PFhkhr17ix4