I will almost always opt for the more "realistic" approach.
However, it's a matter of degree and practicality. It's funny how some will want absolute realism in an effect for one thing while being completely content with some other effect that is less realistic.
At some point we have to realize that we are perceiving the sim through crappy colour LCD monitors (most of us) in 2D representing 3D and some "Hollywood" effects that aren't over-the-top might actually be welcome in some effects.
As for the framerate of the human eye, it is far, far more than 60fps in some circumstances and difficult to quantify anyway since it has little to do with the eye itself and more to do with the way the brain processes the information using a sort of "fuzzy logic".
Anyway, let's try not to get too anal about it - tracers are far down the list right now imho - and go for something that's mostly realistic and partly just "good" looking for the sake of immersion whether it be narrower laser blaster shots or a bit of squiggle even.
Personally, I'd be happier with more immersive sounds (not necessarily super realistic engine samples) but things like those deep low frequency flak bursts like in BoB:WoV for example.
I'll let the armchair experts debate the ultra-realistic aspects.
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