I ran into the same problem.. which I call "Lag at 100fps" every few seconds the game would freeze or pause and then resume normal speed.
Hitting F3 to show the debug screen helped. basically something somewhere was leaking memory on a massive scale. i would watch the ram use go from 40% up to 75%-90% then the game would pause/freeze while the garbage collector ran, ram use went back to 40-50% and then the process repeats.
But the real problem is the ram use would never go back to the lower values. it would drop to 40%, then only 50% then 55%, then 60%.. and eventually the garbage collector is running constantly and minecraft is unplayable. Restarting my client fixed it for a while
Removing optifine helped a lot. Removing the other jvm arguments helped even more.
Also like @
Zarkov said - moving between dimensions makes this even worse. Mystcraft dimensions are the worst, but even twlight will cause the memory leaks and lag-spike-of-death.
eventually I found the "D1" version of optifine that fixed enough of its lag issues that I was able to use it again. Search the forums for the thread that talks about it.
My configs have 2.25 GB of ram, and maxpermsize set to 256m. No other jvm arguments.