Even though I have 60fps everywhere if I cap my fps @ 40 it will jitter and stutter all the time. It doesn't make sense I know but it's like the game doesn't want you to be below 60fps.
What do you use to limit your fps @ 40?
I'm upgrading my GPU in the next few days so I won't need to cap it anymore, but I actually capped at 35fps using a program called Dxtory.
Once you play for a few minutes, you get used to the fluidity and sensitivity and everything seems smooth. I've played the game on the Xbox, and the aiming lag there at 30fps is atrociousness, even just coming from 35fps.
However bear in mind some people are a lot more sensitive to FPS than others. If you're used to playing FPS at 60fps, then getting used to 40fps might be a bit difficult at first. But I just found going from 60-40-35 really jarring because of how different the movement is between different FPS values.