There is another added element with gaming and FPS; latency. When you have lower FPS, you have a little more time before an image is drawn on the screen in reaction to your movement. This latency not only affects your ability to aim and react, but for some of us, causes motion sickness.
I find 1st person games make me nauseous very rapidly if my FPS are below 40-50. The higher my FPS, the more fluid everything feels and the less motion sickness I feel. For it to pretty much not make me sick at all, I need about 90 FPS. Using a 120hz monitor helps in this regard, because I can have v-sync and high FPS.
I've also been gaming in 3D Vision for a while now. I really love it, but your FPS are cut in half...or at least that is how it's shown. 60 FPS per eye. The reality is, because each eye gets alternating frames at 60 FPS, it actually feels smoother than 60 FPS, although it doesn't really feel as smooth as 120 FPS either. I've never seen studies on it, but I have seen reviewers mention the same thing.