of course there is no framerate for our visual organs (nobody said that). the fact that you see blurred hands if you move it fast enough infront of your eyes idicates the speed our brain needs to interprete the visual ("framerate" if you dont mind the word ).
i doubt this spinback effect can be seen in real life. because if the wheel turns fast enough it will start to look blurred instead of turning backwards.

the strobe effect jlc mentioned (same as the frames of a movie) is what "saves" the position of the wheel. if it fits the alias effect sheme then our brain will interprete it as backwards moving, still standing or forward motion.

in real life other optical illusion would be needed i think to achieve this effect (if possible)...something that "burns" or fakes single frames to our visual system as a tv would do (strobe lights maybe)

i also doubt it can be seen in real life (at least that easy) though i have never thought about it so far. I will have to take a look today when a car passes by

cheers