Using 1.5.2 on the OLD launcher, I got around 900fps, highest graphics settings. This was on a server.
On the same server, but using the new launcher and 1.5.2, I am only getting 75fps.
A friend of mine is having a very similar problem, except his GPU is not as good so Minecraft is rendered unusable/playable. He uses a Mac, which also shows this is not hardware/software related.
I know this is a launcher issue, as it never happened before. I have also checked the integrated graphics are not selected instead. It has the same problem on 1.6.1 too, further proving it is not the game that is causing this issue.
I know 75fps is still ok, but under some circumstances it can seriously lag, and only since using this launcher.
If anyone has a copy of the OLD launcher online for download I would be extremely grateful, just for use until this is fixed.
My specs:
i5 3570k
8GB RAM
ASUS 660ti
Related issues
Comments

Confirmed on 1.6.2 with the new launcher. On the old launcher I got around 70 FPS on max settings( Very high for me), and now I get around 5 FPS on max settings. It seems to really affect people with Intel Integrated GPU's. Also, chumps52, go into your dedicated graphics card settings and tell it to use your dedicated card by default. This helps people with dedicated cards.