The Advanced Effect Slider has has made significant improvements to my renders when it is past past 67% Problems with shadows, grain, light, water and clouds are gone when this slider is set to 100% The least benfit I see from your settings is the texture AA which I leave completely off. I would definitely use AES at 100% and up the object AA if you really want grain free renders. I strongly disagree that 46% is all that is needed.