Update: The patch is out now.
The Witcher 3: Wild Hunt developer CD Projekt Red has spoken to Eurogamer to tackle the issue about the game's graphical downgrades head-on.
In the interview, the developer revealed to the site that a new, large patch with over 600 changes brings improvements to the game's graphics and graphical options is in the works and will be out within five to seven days of this publication. It will come with patch notes.
Additionally, the studio intends to patch the game to allow the editing of .ini files on the PC to push the graphical settings well beyond the maximum offered by the game's in-game settings. It will be possible to tweak grass and vegetation density, post-processing effects like sharpening, as well as draw distances. This patch will be separate from the aforementioned update as the developers are considering a few other tricks they would like to implement.
The rest of the interview consists of some very serious questions about the graphical downgrade that's currently pissing off part of the fanbase, who are unsatisfied with having built powerful gaming PCs to play a game that has, to an extent, been flattened to parity with its console versions.
While I personally don't think the game looks in any way bad, or find the graphics downgrade to be an issue worth getting angry about, it's good to know that CD Projekt Red is listening to the more reasonable complaints that the fanbase has raised and are offering to make the game look even better than it already does.