We consider the effect of rapid rotation on the light curves of neutron stars
with hot polar caps. For P≈3ms spin periods, the pulse fractions can
be as much as an order of magnitude larger than with simple slowly-rotating
(Schwarzschild) estimates. Doppler boosting, in particular, leads to
characteristic distortion and ``soft lags'' in the pulse profiles, which are
easily measurable in light curves with moderate energy resolution. With ∼105 photons it should also be possible to isolate the more subtle distortions
of light travel time variations and frame dragging. Detailed analysis of high
quality millisecond pulsar data from upcoming X-ray missions must include these
effects