Augmentarium

ME2 runs like ME1 maybe a little better.

Game runs, config cannot be changed much.
But game can be played in 800x600 with 5-18 FPS very smooth, or 640x480 in 8-26 FPS.
640x480 is recommended !

First update ME2 to version 1.02 !!

Now use Mass Effect 2 Configuration Utility to change settings:

Aspect Ratio Normal (4:3)
Resolution 800x600
High Quality Bloom Off
Film Grain Off
Motion Blur Off
Dynamic Shadows Off
Light Enviroment Shadows Off
Number of Cinematic Lights 1
Use Spherical Harmonic Lighting Off
Anisotropic Filtering Off

And save settings.

Now to change to 640x480 do next:

Download this Mass Effect 2 olio Config v1
Extract and overwrite GamerSettings.ini into
C:\Users\YOUR-USER-NAME\Documents\BioWare\Mass Effect 2\BIOGame\Config

That's all!

Screenshots:
SCREENSHOT 1
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SCREENSHOT 4