I read something from Randy Pitchford of Gearbox.
He says timedemo is really only useful for comparing systems, not for determining an individual system's performance. It times *everything* from start to stop, including level loading from disc, level init, etc. They plan to fix it up to be a real timedemo for the next patch.
So real FPSs are better than timedemo says.
I use the console command `rasterizer_fps true' to see what's going on in real time.