For some baffling reason my performance is much better when I turn off V-sync, though still not at the level preferable. But then with V-sync disabled I have to bear the terrible screen tearing.
Ugh... I really hope these issues get fixed.
V-sync creates a tiny performance drop because it adds a little overhead. That means if you just barely made 60 before then turning on v-sync is likely to leave you at 30 (assuming 60 hz refresh). V-sync will not lock on any FPS between 30 and 60 for a 60 hz monitor and that's how it prevents screen tearing. Also anything short of 60 but above 30 will go down to 30. And if you're below 30 it locks on 15. It exists mainly for people who are going over the maximum FPS their monitor can display.