Ill start off with my specs, I have, i5 3570k 4.2ghz 8gb ddr3 Radeon 6950 2gb I upgrade my computer pretty often and it's been 2 years since I got the 6950 so I think it's time for an upgrade I currently get 50-80 fps in most areas where an average of 28-40 fps in battles with medium-high settings (mostly high). So not horrible but I'm getting a bonus at work, so I'm thinking what the hell, I would like to see this game in ultra-high settings. I'm leaning towards the gtx 770 for $400, from what I read it's very similar in performance to the 680 gtx. If anyone with the 680 gtx or 770 gtx that can post what kind of performance you are getting it would help, because if its not a big performance boost I might wait a bit or get a ps4 but I rather just stick to pc. A 7970 is another option but the price seems high right now.
Why do you need to upgrade? Why not just set settings higher? unless your aiming for a specific fps out of battles. Since battles are CPU bound and not GPU, turning up settings will not effect fps in battles at all. only out of battles. TBH theres not a very big fps hit(atleast for me) between medium and high. There is almost 0 fps hit between high and ultra. In fact, alot of people gain fps by going to ultra settings. So if your already mostly on high, you shouldn't even get a noticable hit. Just keep shadows on low. That will keep your fps in battles good.
https://help.soe.com/app/answers/detail/a_id/36590 any of the ones listed in green I would assume could do it. Edit: your gpu is on that list in green if I'm not mistaken. So it's not your graphics card holding you back from top settings.
Honestly a new video card isn't guaranteed to improve the game. It's even possible that it may reduce performance. PS2 is finicky with hardware. If you get 50-80fps atm, don't change a thing I'd say. I also have a 2 year old card, the gtx570. If I run the game medium-high I rarely dip below 40. Currently I run it on ultra settings, most of the time I'm between 30-40 fps. If PS2 runs above 30fps, it's good.
I'd must admit I would be very happy with the frame rates the OP has on high. Only thing I wonder is does ps2 play better with nvidia cards over ati. If so switching makes could help.
I second the other posters here - with my system, I am CPU bound most of the time unless I crank up full Ultra. Even then it will sometimes flip between CPU and back to GPU. Quick and dirty comparison of your card to mine: http://www.anandtech.com/bench/Product/510?vs=647