What the FAQ actually says is that JFreeChart doesn't support hard real-time charting, meaning that the chart isn't updated when new data arrives or at deterministic interval after it. However I have found that JFreeChart can be used for the kind of applications you are describing. You can achieve 1 update per second, which is fine. I don't think a human eye can follow something quicker than this.
If you want something more than this, I doubt you will find anything in Java (or even in another language). Operating Systems that we use aren't designed to be real time. You can't have a guaranty that they will respond in a minimum interval after an event. A tight integration with the hardware driver will be needed to show more than 1-10 frames per second.
However, if you design your application correctly, the OS will do respond quickly and your application can easily display a "real-time" graph (meaning a graph that updates once a second). Just don't use your application to shut down a valve in an emergency situation!
