Whenever i log into to play mine craft in the recent snapshots leading up to 1.6 i experience a major fps drop the newest one i didn't drop as fast but it was pretty quick i go from about 175 fps to 15 in only about 3 seconds. There is lot more lag.Even when i switch my settings down that dosent help it performs just as well as max settings which is really bad. I mean 175 is what i usually play at on regular mine craft at max settings so i dont think it should be 15 . I also noticed that it seems to frag alot of files i defraged minecraft with a program known as razer game booster it took 15 minutes and had over 15,000 fragged files or something like that which is alot and i mean alot it might be due to an memory leak. But just thought you should know
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Playing on a laptop that selects the wrong videocard.

Okay I have found the answer. This has worked for me and a few others. Your frame rate will still be a bit random or all over the place but you will have less lag . First go into the new launcher go to profile editor and double click on the profile you want to make faster. Check the box next to JVM arguments and put this in the text box : -Xms4G -Xmx4G.Hopes it helps!
I'm having exactly the same issue with 1.6 too, my FPS dropped from around 40-60 to 10-15. My processor is Intel i7 and i have 8 GB of ram, but unlike you i have Windows 7. I figured it was something to do with the new launcher because even if I downgraded minecraft to 1.5 (in the new launcher) I still had the same problem.