You can drop it to 30Hz if you (for some reason) want to. There are possible values from 30Hz to 62KHz:
http://playground.arduino.cc/Main/TimerPWMCheatsheet
Tim
I've used 10bit @ 150Hz and was able to dim my A6211 and CAT4101 based drivers to 1/1023. The low PWM frequency helps the low duty cycle (1/1023) signal overcome the built in capacitance of the wiring between the controller and the driver.IIRC- it's the capacitance of the wire that tends to "dampen" signals using high frequency PWM. LOL- sort of the same reason that I2C communication is only good for a few feet.