The next version has an adjustment to seperate the redraw FPS from the game FPS. Which will allow a finer control over just how fast the game goes. Driver problems like what the original poster mentioned will still occur though.
Also if I recall correctly Toady did something to handle the VSynch issue. The VSynch basically causes the redraw to sit waiting for the right moment. It matches the redraws to the refresh rate of your monitor which is easily locatable by looking at the display properties.
The remaining speed issues with DF are largely optimizations. As DF is still in an alpha status I really don't expect much in the way of optimizations. I will likely propose a bunch though after the next version comes out. In my opinion some of the behaviors need to be rethought, and there are a few things that can be done much faster with only a small increase in memory usage. Those will be the kinds of things I will target for optimization suggestions.
Full screen is faster because the video card is actually doing a lot less work. Dropping the video redraw will make a difference as well. You can look at my post of the SpeedDF patch to get an idea.
I never went ahead and made the next version because I thought Toady would release his next version sooner. I however play with a hard coded version of my patch and can say that when the game side of things pushes the FPS to 15 FPS then changing the graphics redraw from 15 FPS to 2 FPS doesn't make much difference.
So after the next version of DF is out I will be focused on trying to figure out where optimizations can be made so that game side FPS stays much higher.