Velocity Vector
Ken Kutaragi of Sony says that the PlayStation 3 could run games at 120 FPS:
http://www.gamesindustry.biz/content_page.php?aid=12629
Of course, it's not clear what possible use this could be, other than as a corporate penis-waving exercise. Nor is it clear just how much physics processing and graphical quality could be achieved while running at this speed--but who cares about trade-offs?