I can't be the only one to wonder why the game doesn't look quite as shiney as i expected.
And apparently i'm not. It turns out the selecting the High texture setting in your preferences actually only gives you medium. To add insult to injury Bioware are revising the settings in the next patch to remove the medium setting leaving you with low and high (where "high"= medium).
There's an enormous post about it here: http://www.swtor.com/community/showthread.php?t=151787
Note that the high textures do exist in the game files, and at certian times (e.g immediately upon using a holo terminal) you do see them very briefly.
Here's a nice example of what you should be getting and what you actually get: http://img51.imageshack.us/img51/5493/hirez.jpg
Just thought it was an interesting find and hopefully something that will be fixed.