It depends on what you want to do with it. If all you are interested in is one long shift register you can run it extremely fast as an approximation. If you want to run a complex superscalar microprocessor in it with a three stage pipeline then you can run it extremely slow as an approximation... Most designs will fall somewhere in between.
Remember that you are constructing a circuit here and depending on the circuit you build you will get different delays. It is totally possible to build a combinatorial path that will span every single LUT of the chip. Not a good idea, but possible :) (So I guess it would be possible to calculate a theoretical minimum frequency by doing a path which would go through every LUT and place the LUTs as badly as possible so the routing delays are maximized.)
/Andreas