Yes caps can easily be removed.
Bioshock's no AA really pissed me off, as it was glaringly obvious, but honestly, i have to look for jaggies to see them in UT3; they're really not easy to see.
Mark Rein also mentioned in a post that they'll talk to nV about the no AA working by default issue.
Stolen from elsewhere:
If all you want to do is uncap FPS, go into the UTEngine.ini file and change it to this:
[Engine.GameEngine]
bSmoothFrameRate=TRUE
MinSmoothedFrameRate=150
MaxSmoothedFrameRate=200
these numbers are defaulted to 22 and 62 respectively...
and I recommend bumping this up too:
[Engine.Client]
MinDesiredFrameRate=150.000000
There are certainly some issues with this beta thus far.
Random crashing + BSODs, random loss in fps (game runs at < 25 fps regardless of settings), inability to launch, terrible menu interface, etc. etc.
I'm very happy with DM/TDM play for the most part, but vehicles/VCTF seem terrible to me thus far.
Time will tell.