How sould mouse sensitivity be represented on the settings screen?

Video games often allow the player to configure mouse sensitivity. What is the most intuitive way to represent this setting in the user interface?

1. What should the option be called?
2. If it is numerical:
   1. Should high values represent high sensitivity or low sensitivity?
   2. What should the range be?
   3. How many decimal places should it have?
3. Optionally: what alternative widgets might be a more intuitive fit for the setting then a numeric control?

I am asking this because in the free software video game Blackvoxel the setting is represented in a way that surprised me: 0.5 is twice as sensitive as 1 which in turn is twice as sensitive as 2. This is the opposite of what I expected.

The setting is currently called "mouse factor", has two decimal places and ranges from 0 to infinity

Given how common the mouse sensitivity setting is I assume there is published research on the optimal way to represent it.