This world has 7296 chests and as many trapped chests. FPS drop from 60 (at a distance from which the chests are not visible) to 8 (at a distance from which all chests are visible). Also, while staying close to the chests, the time spent in root.gameRenderer.level.entities keeps increasing for some time. I tested all this in 1.7.4.
I still have this issue in 1.7.4.
Tested with the Hopper Lag world that is attached, FPS drop from 50 to 8 on my laptop.
The Pie Chart in the Shift + F3 screen does not change significantly between looking at the hoppers and not looking at the hoppers.
I made an interesting observation today: After installing Optifine, the FPS-Drop only happened while looking into the direction of the chests, similar to MC-14983. So at least it should be possible to reduce the problem into something like that. Also: Why is this bug still marked as unconfirmed?