Yesterday at GDC, God of War programmers Jim Tilander and Vassily Fillipov showed off the technology behind the programming behemoth God of War III.  While speaking to the attendees, the programmers confirmed the game will not be running at 60 FPS, as previously speculated, the game will dip and dive during the more intense action sequences.  However, if you're fearing another stuttering, jittery mess that was Heavenly Sword, don't worry - the game will never fall below 30 FPS. 

The change in framerate is noticeable in the clip shown at the presentation, which can be seen here(although its still an early build of the game).  This isn't really surprising, considering none of the previous God of War games were locked in at 60 FPS, and dipped below that pretty regularly.  Neither Fillipov nor Tilander mentioned if there would be a way to lock the games framerate, an option that some games with similar framerate spectrums offer.

God of War III is a third person action adventure game, developed by Sony's internal Santa Monica team.  The heavily antcipated title is tentatively dated for a late 2009 release.