Nothing at first, though we do validate that frame_rate is <= 300. We'd maybe even applaud you as the first user to try this. (Then we'd ask you to stop.)
A FPS-based pricing change is on our radar, though. In both directions: low frame rate video (like screencasts) should , and we'll formalize that soon for both low and high FPS video.
At some point, there is a fine line between protecting against abuse and having easy-to-understand pricing. 2c/minute is much more user-friendly than 2c per 30 frames. We haven't seen much abuse, and 99.9% of our customers use 20-30fps, so this hasn't been a high priority.