We consider the fundamental roles of frequency versus phase in parameter estimation, specifically in the Sagnac effect. We describe a novel, ultrasensitive gyroscope based on the extremely steep frequency-dependent gain of a liquid crystal light valve. We provide compelling experimental evidence that the Doppler shift is fundamental in the Sagnac effect giving clarity to a long-debated question. We experimentally show orders of magnitude improvement in sensitivity relative to the standard quantum limit of a gyroscope based on phase estimation.