I have been having this problem aswell. My ping as always around 100 which should be fine and my FPS is always at a solid 60. I figured I would run FRAPS while I played so I could record the problem and report it with footage but I ran into an issue with that too. With FRAPS running my game would be 60 fps and scale back to around 13 fps and a few seconds later scale back up to 60 again. Now I get that running FRAPS can hurt your performance but I run it all the time while playing Battlefield 3 and it does not hurt my performance at all. I also have a really nice video card, the Nvidia GeForce 550 Ti.
The first issue is the most important and it seems many other players have been running into this. Should I upload the recorded footage I do have to YouTube so you guys can see it? let me know as it takes a pretty long time to upload nowadays