UT textures aren't really that sharp so AF won't have a big impact, you should get away with 4xaa.
Nonsense; AF has a big impact on
every game that uses texturing in first person mode, not to mention that UT2004 has very detailed textures in general.
AA taxes bandwidth, AF taxes GPU
Uh, actually they both tax the bandwidth and the core. It's actually quite silly to even try to argue against this because "GPU" ecompasses everything anyway.
Why on earth not, given 16xAF is basically free in modern cards?
Some feel that AA should be max out no matter what and others feel that AF
That's great and all but maxed AA isn't free, unlike maxed AF. Also maxed AA doesn't have anywhere near the IQ impact that maxed AF does, especially at higher resolutions.
So again unless you're running pre-NV30 nVidia hardware and/or have some horrendous incompatibility with AF in a target game, AF should always be maxed out and left there.