This is the bug a lot of people write they correct by removing all kind of launch options and deleting the DayZ folder from My Documents, but I have tried all of this without success.
I've also tried a large variety of graphical settings, all it does is that it changes the period of time the game runs smooth (from a few seconds to several minutes, lower graphics does not mean longer smoothness !).
At some point, the FPS drop from 60 to 3-5 and the number of polygons in the scene plummet dramatically. The game becomes unplayable.
My GPU load goes down to around 5% (from 100% when it's smooth) and memory controller load goes from 30% to around 0%. I'm on an NVIDIA GeForce GTX 650.
Only a full reboot of the game resets the situation. Flushing does not work for more than a few seconds. Changing graphic options does not work as well. I also tried to copy the config from another comp with DayZ working well, without success.
Please help me as I would like to at last play this game I payed a few dozens bucks for.