Traditional AA come sin two flavors:
Super-Sampling renders severla times the number of picels on your screen in roder to create pretty much a completley jaggie free frame. IT eats up video RAM and processing like there's no tomorrow, which is why no one uses it, except on older titles.
Multi-Sampling takes shortcuts, which means it doesn't do as good a job as SSAA, but it eats up less performance and vidoe buffer. The hit on both, however is still significant, specially at 4x and higher quality settings.
FXAA and MLAA are post-processing effects. They bypass traditional AA techniques entirely, and instead employ an edge detecting algorythim that happens AFTER the frame is rendered. Once the edges are detected, it blends pixels, smoothign out jaggies. It's not as good as high quality MSAA, and definitley not as good as SSAA, at least for now, but it's better than no AA or even low quality traditional AA.
Most importanly, it is essentially free on the PC, and only slightly taxign for consoles to do. MUCH cheaper than using MSAA or SSAA.
At this point in time, if your PC hardware can run MSAA without any issues for particular game, I'd definitely stick to that. IT has access to a lot more subpixel information, it will definitely look better.
But if not, fXAA is a great solution, and will probably allow you increae graphics settings and/or resolution over what you could do with MSAA.
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