While rendering has been somewhat improved, it still needs to be further refined and the frequent bug reports my FC has made on the subject have been swept under the rug.
As things stand on Exodus, you're looking at MINIMUM 50 people at odin, behemoth, s-rank marks. I can't tell you the maximum because I'm sure more than a few people are not being rendered to start with.
So take that 50 people, apply it to PS3, and see where you stand. Here's the result for people who don't own/play PS3: The target does not render, your team does not render, and most of the population does not render.
Conclusion:
In short, high-population events become unplayable by those with lower spec systems, and that's one hell of a bug in my book.
Disclaimer:
I don't want to hear about your experience in the lowest-populated, least-active server. I don't want to hear about "inferior" systems being unworthy of the game. Keep it to yourself.