Reduced FOV does boost framerate, although it's unlikely to be the primary driver behind low FOV on consoles.
I highly doubt there is any significant difference fps-wise when FoV is reduced. There might be some if you use extreme values but there shouldn't be large if it's just a fix to adjust the view to your monitor and distance.
http://www.youtube.com/watch?v=blZUao2jTGA
This is a great video explaining why console games use fixed FoV of 55-60 and why PC gamers need higher FoV to avoid motion sickness and get the most out of their monitors.
There is no one fixed horizontal FoV value you should use, it entirely depends on how large your screen is, distance between you and the display, the aspect ratio and, in some circumstance, on the game. Of course adjusting FoV can have more benefits if you're a professional gamer but that's a matter of taste IMO.