It is obvious that the higher the frame rate the better. However it is more to do with a sustained frame rate rsther than a top frame rate. For example a sustained frame rate of 60fps is far, far better than a high frame rate of 100fps! The problems occur when you've got a lot happening on screen your frame rate can drop right down. Hence the fact that limiting your frame rate to 60, (even when its capable of 150) will give far better results.
Sorry, but degrees per frame mean BS, if your monitor isn't up to it!
Mouse refresh rate is something totally seperate in that you don't necessarily have to see what's happening to perceive it! The higher the mouse refresh the better, as the computer and your brain will calculate the dynamics even if it isn't shown on screen! The computer will calculate it exactly, and your brain will compensate for the lack of visual input with an aproximation(which happens to be spookily accurate). This is why a good sustained refresh rate is essential. I'm not saying that high fps aren't also desireable, but if that fps isn't sustained continuously it means jack, diddly squat.