The FPS limiter in graphic options only limits fps inside the actual game world, so instead of that, I’ve always used:
D:\Gw2\Gw2.exe -fps 20
Which made it work not only inside the game world, but also on the login screen, character creation screen, and loading screens.
(And also because the graphic options FPS limiter only lets you limit to 30, and I want 20)
As of the April 30th patch, it seems that -fps 20 only works inside the game world.
It would be good to have it apply to the other parts of the game as it used to.
(Vista – 64bit)