A TV plays at 24.7 FPS
A computer screen works differently, and we can detect the beam going across if it moves too slow. This is NOT FPS though.
Even 10 frames/sec (That is INSTANT frames, not possible to make on a computer miind you!) are extremely hard to detect, prvided the difference between the frames isnt black->white
60 FPS is way above what anyone can perceive, but 60Hz and more is required for computer screens, as they do not update the image instantly but instead redraw it.
An american experiment showed that a person can in theory (only one test subject managed) detect arcs of light that are less than 10 femtoseconds long.. a femtosecond is really really really short. (Unsure of the english word though, it might be something different..)
Note that this is from black room, to arc f light in black room.. Not a movie where you go from one frame to another with very little difference..
Also, our nerves arent very fast really, then add to that the brain processing what's going on..
"It feelt like times slowed down" is actually the brain skipping "frames" from the eyes when too much is going on...
On computers, you also have timebased movement in most/all modern games, this means that the higher framerate the engine can run at, the smoother movement you get. While the image only needs to be updated 60 times/sec, having it at that could in theory yield skipping/jerky movement which is not desired.
And there's no computer screen that can do 700hz, which would be what 700fps is