There is not such a thing like a linear balance between senses. If you lost 20% of your view, you will not gain 20% with sound. I am in fact currently facing a problem of hyperacusis (I hear a lot too much, like smiultaneously 20 keyboard in my workspace, including some guys at a distance of 20 meters), and there is not any lost in my view.
The other point you made about continuous vision is exactly why we are sensible to a low framerate. In fact, a movie at 24 frame per second would be extremely sluggish if the brain was not tricked by the blur of the picture. Pause your dvd, and see the picture blurred where things are moving ? That's the trick. What happens is that 1/24 s of exposition for each picture, displayed at 24 fps will produce something similar enough to a continuous display (but still there are differences, you will notice that a lots of travelling are sluggish, you will loose details, you will not be able to display a flash realistically). So, it's not about how much fps, but how these fps are rendered.
Which came to the difference between a movie and a game. A game is interactive, so it would be hard to play with the same level of motion blur as a movie (and I'm not sure it can be as perfect because it's calculated in real time). And a game is interactive, so you will feel lag when the result of your action takes time to be displayed on screen, what ever the quality of the motion blur is.
