Hi everyone.
By the looks of it, it seemed to me that this looked like a V-Sync problem.
Indeed, ArmA II seems to cap one's FPS to its screen refresh rate, as can be seen by displaying the current number of FPS (via FRAPS or anything else).
Since the game did not offer to disable V-Sync via the in-game menu or the .cfg files, I tried forcing V-Sync off.
The Catalyst Control Center - even though set to "V-Sync always off" - failed to do so. Therefore I tried disabling it through ATI Tray Tools - which is supposedly lighter and more efficient.
And it worked - no more capped FPS (I can now reach 100 sometimes) and no more mouse lag!
Some friends of mine have confirmed this.
It would be great if some of you experiencing this problem could try that too, see if it fixes that bug for you too.
Then all BIS would have to do is create an option that allows those experiencing mouse lag to disable V-Sync.