If i'd use time_smooth without fps_min/max or the other way around. I can simulate stutter on simple level in fullscreen mode. And with simple level I mean 3x 512x512 texture. Three blocks representing ground and buildings. Plus 3 lowpoly models with shadow and antialias on. Even while using the default A7 walkthrough template. If I didn't know better I would think GameStudio engine was bad, but it just require some tweaking to get it right.

Q6600 @3GHz
2 GB PC8500 @1066Mhz
Geforce 8800 GTX DDR3 768MB