I'm not going to research it, but are you guys sure that there isn't some sort of bluring effect that a higher frame rate can create in relation to value or color that would be picked up by the human eye, even though the exact value and such would not be picked up?
The reason I bring this up, is because you can apply this exact same argument to sound. The range of human hearing is around 15Hz to 20KHz. Now, I have a decent pair of headphones, and these go from about 4Hz to 30 or 40KHz. In theory, I could have saved some money and got an el-cheapo pair of headphones with a much weaker range, right? Well, I don't think so. I am not an audiophile, but I think that somethings occure within that fequencies I can't hear that cause a change in the frequencies I do hear, as my headphones sound a whole hell of a lot better than some cheap ones.
If you agree with that, couldn't it also be plausable that the same could be true for video? That although you can't see it due to the frame rate, it will effect something you can see? Sounds reasonable to me, but I'm not going to figure the frequencies of light and if a split second of that makes a difference.