Given the range, these likely map directly to the default UE4 scalability settings, described here:
https://docs.unrealengine.com/en-us/Engine/Performance/Scalability/ScalabilityReference
That is what they do, yes. (The settings are live, so you can actually see the various features toggling and changing at each stage.)
The settings are dramatic (even going from 3 to 2 is a massive drop in quality).
What kind performance should I be getting with this?
1080/60. You'll get some hiccups (especially at some streaming/loading points), but it should be mostly smooth at highest settings.
Also, anyone else noticed the keyboard support is laughable? If you can even call that support?
The keyboard support is basic, but it all seems functional (being menu-based, the controls are relatively simple).
They don't allow multiple bindings or any mouse configuration, but what can you do.
Someone earlier in the thread noted that it is locked at 4k resolution. Is that true?
If you're asking if that's the max in the UI, then yes, they present a limited list of 16:9 resolutions (they do some sort of query since resolutions higher than native are disabled, but the list appears to be static).
However, the game defaults to borderless, which just picks your screen resolution (you can't even change it in the game) and then letterboxes or stretches as appropriate (at least this is what it does on 1920x1200).
and m/kb controls are bad
They're really not. They're limited, but it all works like it should, and there's no missing functionality (everything maps to
something).
Could they be more configurable? Absolutely. But you can change the keybindings, and the mouse works in the standard fashion (they even let you disable camera auto-follow, though that's just a general option here).