I've seen several posts over the internet about how Falcon refuses to apply anti-aliasing settings even when set in the Nvidia control panel (don't know if the problem is Nvidia or Falcon...)
Anywhoo, if you force AA in the Global settings menu of the control panel and start the game, the settings should stick. You can then go back, create a custom profile for F4 with the right AA settings, and reset global settings to whatever you want.
Maybe a mod could sticky that little trick. Many people ask about this curious bug, but personally it took me awhile to find the answer.
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Dell Latitude D630

Win7 x64 Pro