Yes and gears would have likely been surpassed graphically by a number of titles if they had made that mistake. Perhaps it would not even have been viewed as favorably in comparison to already released titles.
Not if a 60fps rule would be enforced and all developers would target that framerate. That there are developers that target 30fps in order to sell their game on the premise of better graphics and nice screenshots put all developers into a position in which they are more likely to target a lower framerate as well.
Sadly your logic and arguments is exactly what is causing developers to go for better graphics at the expense of framerate.