After updating to 1.6.1 my fps has dropped from roughly 80 to 10. It does the same thing on both single player and multi-player When using the old MC launcher FPS rates return to normal. The computer only has an integrated graphics card.
Computer Specs (Laptop)
Windows 8 (64 Bit)
Intel i7-3632QM CPU @ 2.20 GHz
8 GB RAM
Intel HD 4000 Integrated Graphics
Related issues
Comments

I think I am having the exact same problem with my computer, although mine is an "i5". Could you check to see if you have a secondary graphics card or if your minecraft was running correctly on the same graphics card as your integrated one?