I looked into fast mutex in the past [1] and was never able to get a straight answer (even from the original developer) on what was the intention behind it and how it made things faster as it actually made things slower in the past (Bug#38941, others). There is a comment in
http://bugs.mysql.com/bug.php?id=58766 highlighting one case where I saw a small performance improvement, but even that was highly workload/hardware dependent (can't recall which workload exactly, might have been sysbench's point select or something similar).