80-90 FPS

I'm sure this is a silly question but I see people say this all of the time ( any FPS number over 60) and I really can't understand.
When I start WoW and configure it, it never lets me select anything other than 60 Hz refresh rate although keyclone lets me set other numbers for maxfps.
my FU performace addon display never goes over 60 for me, even if I set maxfps over 60 ( I haven't tried the un-sync to refresh yet )

How do you see any FPS > 60 when that is the refresh rate of the monitor?
@80-90FPS your making your GPU draw some 20-30 images that you will never see. Isn't that just burning up your GPU for nothing?