I started to look at the data rate as the frames per second drops. Because there's less video data that needs to be encoded, you would think that a lower frame rate would result in a lower video data rate, BUT like many things, not so. If I shoot in time lapse mode at 0.25 seconds per frame or 4 FPS 1280x720, at medium data rate, the rate is 6,563 kbits/second. However because the action is sped up 7.5x, it's really 875 kbits/second. If I switch to 5FPS with audio, low data rate, the rate is 5,749 kbits/second not that much different than 30FPS at 5,755 kbits/second.
The lower frame rates are very cool and should allow you to store more video in a given space, but it appears that they forgot to change the compression ratio for the lower frame rates.