Just a PSA, do NOT use the high setting for this option. The entire option just seems to be a badly done soup of post-processing effects. It has extremely overblown amounts of bloom and any amount of light on any object will cause it to glow egregiously brightly. It looks really bad.

The effect is still there, but much less pronounced when set to Medium. Haven't found a way to control the bloom separately. So if the game looks off, especially in the lighting department, just lower the mentioned setting. It also seems to have reduced the omnipresent blur (probably Depth of Field and Motion Blur). A typical example of how to not do graphics settings (bundling things together and naming them pointlessly).

Do not got to low/off though. Anything below medium starts disabling various effects, for example, the blur when you are in the spirit world is completely removed at low.