Well, FPS does matter in more aspects than just what you can "See". Case point, I run a E8400 4GB Ram, and 2 8800GTX's, I play roughly 300-350 FPS in a full server and can shoot upwards of 400+ on a small server. With the right hardware combo and good ping you can literaly "move" faster. I just put this rig together the other day and instantly took on a score increase avg per round. I have a 3rd 8800 sitting on the desk, waiting on the rest of my water setup to come in before I can pop it in. But when you take that kind of hardware, put it on a 24" Screen and crank the res and gfx up. You will have an advantage vs. the guy w/ 1 GPU, and a smaller screen w/ lower gfx settings. always will, thats what drives the "Hardcore" gamers to build $5K-10k game rigs.
It's all linked. Laser mouse, fast connection, fast cpu, fast gpu. You end up "seeing" the same thing as everyone else. But your response time is faster, commands to the server are faster. When I play games like CoD1 it's almost like a matrix effect. You can almost dodge all the bullets at 1K FPS. So yeah, FPS Limiting can make a slight difference. But you can't limit the rest of the hardware to "Level" the playing field.
