mastercomscompquality.cfg would enable any effects that would give you an advantage, even if they decreased FPS. For example, muzzle flashes, shadows and enhanced sound spatialization/effects.
This is the config I think most people want, preferably with enough detailing so that we can look through it and disable anything we don't deem worth the fps loss.
On a side note do you know of any commands which make it harder to find cloaked spies, a while back I changed my config and I think spies blink differently which makes them harder to see.
Thanks for the config I've taken a lot from it and added it to my autoexec :)