More important is cl_cmdrate, which controls how many packets/second are sent to the server. Quake2 tied the packets and frames together, but paintball2 separates them a bit.
If you're getting 200 fps and your cl_cmdrate is 60, you will be sending 60 packets a second. If you're getting 60fps and your cl_cmdrate is 60, you will be sending 60 packets a second. If you're getting 30fps and your cl_cmdrate is 60, you will be sending 30 packets/second (you can't currently send more packets than your framerate).