I have an laptop with an i7 3740QM and a 650m 2 gb graphics card. The clock speed of the i7 is 2.7 ghz but turbos to 3.7 automatically. I can run Just Cause 2 maxed out at 40-60 fps and minecraft on extreme with an HD texture pack at around 60. So my computer is plenty powerful but when I play planet side two i get 17-35 fps usually it stays around 20. Why is it so slow compared to other games that I play even when I have it switched to the NVIDIA? My friend has a beast desktop that runs it at 40 fps so I know that its possible to play it at a higher fps.
It is possible to play with higher fps. I play with 45+ FPS outdoors and 30-45 FPS in crowded areas with my 6870/i5 2500k at all medium settings. I also know that mobile graphic cards are not as good as there discrete counterparts so maybe that 650m isn't cutting it at higher settings. Try lowering your settings disabling physx if you have it on.