Auto Detect

Does the Auto Detect in the Graphics tab of Options really set your graphics to the best configuration that your computer can handle? Because it seems to me that it always sets the same regardless of what computer I'm trying it on.

So my question is:

Is there another way I can find out the best configuration for graphics that my computer can handle?

Easy.

Just manually set everything on its highest level and try it out. If it's laggy/choppy/doesn't work, try dropping each setting individually and noting the changes.

trial and error FTW

I've noticed that the Auto Detect function in just about every game is rather a waste of programming. They generally don't work, and GW is no exception. Like Snograt says, trial and error is the way to go... GW doesn't have all that many options to change, so it won't take you too long to test them all.

When I upgraded my graphics card to an HD4870 the Auto Detect did change (it maxed everything).
The Auto Detect is probably based upon some relatively conservative values for framerates, etc., so there is always room for adjustment depending upon your own tolerance for lag, and graphics quality. The only other way to find the best configuration is to tweak things manually to get the best result. It would be helpful to read up on graphics settings so that you know what would be more important to you. I would suggest that keeping AA low (2x or None) would help you to jack up other settings.