This is where it stinks not to have any experience whatsoever with game coding and requirements (I program, but for office / enterprise software, where animation and realtime input aren't a priority).
Because of that, I don't know what would be required to do the following, and so this is purely from the perspective of a customer / player:
Ideally, the framerate (including number of frames rendered) would be totally independent of player movement and physics. So no matter what your framerate is, you should still run x distance and jump y height / z length. That way the same results would be had by a guy playing on a P42.0Ghz GFFX as the one using the latest P5-66.0Ghz GFGT2, despite the difference in visible framerates. The only difference would be how smooth the game looked (due to lower framerates for one).
The way I see it right now, having high-end hardware tweaked to the lowest possible settings allows some people an unfair advantage in games that tie the two together, for the very reasons you guys have listed above. It shouldn't be necessary to either have the fastest system and / or to lower your IQ / etc to achieve higher fps just to be able to compete. (Obviously assuming just the highest setting possible and still allowing a 'smooth' feel,).
Oh well. Just my own rambling $.02. (And now I know exactly what to do if I want to become a Q3 God- turn res down a notch, lower ALL other game settings to minimum, jack fps to maximum, then go online.