No it's not lying. On my old PC I was running OB for more than 2 years (1000+hrs) at med setting and was only pulling 8-12 fps. The game is perfectly playable at that frame rate.
I don't think describing 12 fps as 'perfectly playable' is quite how I would put it. :unsure2:
30fps looks good to me, depending on the person I thought they notice between 40-60fps anything else is a waste
Nope, very visible difference between 30 and 60, and less so for 40-60, but the difference remains. Check out this page for a comparison: http://www.boallen.com/fps-compare.html
For PC gamers (especially FPS players) 60 fps is the target (some would call it the minimum). It's not unheard of to shoot for 90 fps or higher on your favourite game when putting a rig together. The reason is that the difference between 60 and 90 fps is barely noticeable, and if you're running at 90 and your computer dips down to 75 or 60, you're not going to feel it. This is pretty important for online PC FPS, where reaction times are near-instant thanks to mouse and keyboard control.