On the more demanding newer games, you will need to sacrifice a lot of detail settings. As I mentioned earlier, with Softth you will usually be bus bandwidth limited before anything else, so as long as all display adapters are on full x16 PCI-E 2.0 slots you should be fine (finally found a use for all that pci-e bandwidth ).
I am unfortunately on a PCI-E 1.x platform, so my performance is usually mediocre (but playable) in a lot of games at that resolution. I get about 20 fps in Fallout 3 and X3:TC. Folks with newer Intel chipsets usually get at least double my performance. Slightly older games such as Oblivion should run even better.
Game compatibility varies, with the problem usually being whether or not the game UI will scale or become disorted. Some games scale themselves very well out of the box, some have to be tweaked (fallout 3 looks amazing with a few ini tweaks), and some are not easily fixable.
Tricky has a nice
threadwith a lot of working configs for many popular games. Most of the games that are totally unplayable have the same issues with widescreens in general, so it's not a huge loss.
The author of softth is also working on experimental CUDA support for Nvidia cards to further increase performance. From the current RC, it sounds like it gives a nice boost. He is also working on releasing OpenGL support eventually, too.
Edit: Here is a Fallout 3 shot. It actually looks a little better on screen as you tweak the lens correction values to offset the fish-eye effect:
Fallout 3 @ 5760x1200