Then consider that what graphics are really doing is tricking your brain into thinking it's seeing something real, not tiny squares lighting up on a panel. Since reality doesn't have a frame rate, and neither do your retinas, my theory here is that at very very high frame rates, your brain drowns more deeply in the illusion that what's on the screen is real and is spending less effort compensating for the skips between frames, and this gives the top-end gamers, who likely well have freakish genetics when it comes to reflexes and perception, and have devoted their entire lives to developing a skill that gets them no bitches instead of baseball, a tiny, tiny edge.
Of course, for the rest of us, it's just a placebo.