No, it's not. The actual threshold is unknown, but it's generally assumed to be around 100fps. Like the threshold for color, it's a complex question.
You don't see stuttering in a movie (usually) because each frame has an exposure time that is almost the full duration of how long the frame will appear on screen. The result is that anything moving will blur on the film (instead of getting a crisp shot), and so motion sequences are much more natural.
I'm not entirely sure why 48fps was chosen, but I know that too much more and many of the projectors that are currently showing the HFR film would be unable to. It's also worth noting that in 3D, each eye only gets a new frame at half of the rate (because each eye only sees half of the frames), so each eye is getting refreshed at the rate of a regular movie.
I know that there were lots of other technical obstacles when filming in 48fps, such as color muting by the camera. This could have also played a role in the choice of keeping it at just 48fps instead of something higher.
I'm not entirely sure why 48fps was chosen,