No. I have this same problem. The resolution settings options box is there, but it's completely blank when you open it up with no options to select. The game will only run in low res for some reason.
I have the exact same problem with two games, Web of Shadows, and Just Cause 2. I still haven't figured out what the issue is. In Just Cause 2 I get three low res options 640 x 480, 720 x 480, and 720 x 576. In Web of Shadows, the resolutions tab in the video settings is just blank. It's really irritating, and I've not been able to figure out what is causing it. I've got both games on disk, and I've reinstalled both several times, so it's not a bad download, but some sort of hardware or software issue. Both play fine other than this irritating resolution issue as well.
I'm running on a Radeon HD 6870 with a 3.4 quad core processor, so it's not that my PC isn't powerful enough. There's some sort of conflict with the graphics settings somewhere, and I can't for the life of me figure out what the hell it is. Other games all display at high res settings fine, it's just an issue with these two games.