really odd. :\ but you OC, so can't help you ;p hmm, no HT on 2500k. wonder what the impact of that is...
now i've begun to think/have this feeling that something in the animation system isn't paying well with that config. as soon as you pop menu, fps goes back up. fps should be unaffected, it isn't in my case when i pop menu. maybe extra 2 fps.
you know whatm could be fraps too, use the '-displayfps' commandline.
Oh, by the way people can see a difference between 60fps and higher, such as 120fps.
on the pixel level, no, you can only see about 30-60, depending on various factors. only in very specific laboratory tests, with simple objects, and not rendered images.
on the scene level, yes, with distant objects while traversing an arc with the camera. mainly bcs your eye interpolates movement based on residual images. in such a case, there are no residual images due to interpolated frames. there's just frame here, frame over there.
technically, less input lag too, which would reinforce that perception.
http://www.youtube.com/watch?v=Dqmk_OwojF4
this video, appears as if the fps counter is delayed, and extended, NPC spawn thread locking issue. i don't think it's the same one as OP.
not to mention these recording apps add extra latency/framelag while recording, plus overlays can cause issues.
use '-displayfps' commandline instead. check if max frame time is hitting 66ms.