I also read this small article but didn't post because I wanted to quote somebody speaking exactly about movies, not "computer graphics". Though the same applies.
I agree with TweakGuides that it is not meaningful to try to draw more frames than the monitor is set up to. So having a large (and fluctuating) FPS value is not the best option.
With V-sync OFF you can get an individual pixel to appear at the moment closest to the one intended by the drawing application. With wait for V-sync ON you obviously have to wait. I suppose if you would like to observe a small part of the picture, where page tearing statistically would not happen as often, the setting would better be set off. Movies however are intended to be watched as whole frames. If you don't have a suitable movie or test clip, try to imagine a driving game where you make a sharp turn to one side. It would ruin the realism if half (in average) of the screen shows the previous angle of the car.
As the author of 100fps.com has said: The eye is not a video camera and has no frame rate. It is designed to work with continuous flow of information.
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