It seems like it would be very beneficial to provide graphical settings for console games.
Don't like massive amounts of bloom? Turn it off.
Don't like exaggerated depth-of-field? Turn it off
Don't like lens-flares? Turn them off.
Don't like intense lag (Far Cry 3:P)? Turn shadows/AO down.
Screwed something up in the settings? Revert to default
They could also provide settings which take advantage of the increased FPS from disabled effects, such as improved shadow filtering and better LOD, or even a higher resolution
I don't really see why console games don't have this option. It would be nothing but beneficial for the players and the developers. The only issue I could see is multiplayer being biased towards those using less effects, but the settings could simply be locked to default for the multiplayer if needed.