Mouse lag happens when I try to run/walk/jump and rotate game-camera left, then right, no matter what FPS i have got. But if i set FPS settings to 20-30 it's looks more laggy.
PS: In minecraftforum I found article with YouTube video, which describing how it's looks like.
Affects Versions (add): Minecraft 1.0.0 and later.
UPD1: Tested Intel CPU; ATI 5470m with official Catalyst+Driver v10.11 and Catalyst+Driver v14.4 (Leshcat UnifL)
Tested NVIDIA GeForce GTX 660 with latest official driver and AMD CPU.
All has been tested with Win7x64+JavaRE 7 u60.
UPD2: When I stay and rotate camera I have got no issue.