What happened to all the frames?

Game tells me im sitting at 120 fps. Feels like 15. The stuttering is crazy. What did the update do? Is there some magic selection of options out there to help fix this?

@b4ndo By update I mean the community server. Though it seems the game is running slower for me as well. Something to do with the optimisation destroyed my frame rate and gave me massive stuttering issues.

I have some video issues in CTE as well, and a similar stutter or frame freeze that I've had a few times. I was playing local, didn't have the graphs up but I had about ten half-second slowdowns in a half hour of play. It's also wicked dark, so maybe there are new video settings that I need to adjust.