The game is not running at full speed on my laptop...
It is definately running faster than the FPS displayed.
In fact, it is running at twice the FPS displayed, based on my observations with FFXII and Disgaea 2.
I remember seeing this issue posted before, but that died down without a fix being found.
Frame skip is not on. I tried both Normal and Frame Limit.
Also, I've been able to get it to show the real FPS on FFXII once, but that was a random occurence.
Lastly, if I use Direct3D9 Software, I think the FPS is displayed correctly, but that's way to slow then...
Edit: Just added a pic to further illustrate.
It's hard if you use the mouse to move/look around.