I usually consider 30 the cutoff between "questionable" and "acceptable"; I figure if I'm happy with my TV @ 30 FPS, that's good enough for PC games.
PC1 = Dell Dimension E521, XP/SP2, dual core 2.4 GHz CPU, motherboard's built-in video, ~70 FPS
PC2 = Home built, Windows 7, quad core 2.3 GHz...