Having played the PC version, that does sound... wrong.
If you've already cranked the mouse sensitivity down, both ingame and in windows, I guess it could be that it's borking because you're getting a misreported framerate, so its understanding of "time" is wrong?. Try fiddling with the "timeslilce" options in the graphics options, or turning on/off frame rate limiting in your videocard options.
But that's just wild guessing on my part: I have not experienced this bug.
