No, which is slightly annoying. With a different, but still out-of-date firmware let you hack it, but that voids the warranty and could seriously screw up the camera if you weren't confident and did it wrong.
The original firmware that came with the camera (1.01) supported 60fps in 720p. Later firmware revisions removed that capability, but fixed an issue with the microphone level. Seems like you could have 60fps and low sound levels, or 30fps and better mic levels...not an ideal choice.