Before the Adventure Update there used to be a way to get an extremely high FPS. You'd put all settings on lowest, then fly up very high, and then suddenly press F3. For a very short moment, you'd see the FPS at rates above 500 with pretty simple hardware. After half a second or so the FPS would drop again to 'normal' rates. This is the best I got:
I do not know if it's still possible in 1.0, but looking at the results of some people, I guess it is (obviously some are fake).
This won't help you in any kind of way. Max FPS a human can see is 60, so capping it at 60 is actually BETTER. It makes your video card / processor stress less, and the game can get actually laggy from the too high FPS.
We all know FPS above 60 doesn't matter. It's a matter of us subtly bragging about our overpowered PCs.
To the people who go very high up in the world and use low resolution monitors with minecraft in a small window at fast and tiny, that is not a real scenario. I play at 1080p, maximum settings, FPS can go as high as 6xx, usually 300-500.
CPU: Intel Core i7 2600k @ 4.7GHz
GPU: nVidia GeForce GTX [email protected] 835 on the core, puts it pretty much the same as GTX 580 in terms of performance.