Waltorious: With vsync off there should be no limit to the framerate, at least I don't think so...
AudreyWinter: Huh, didn't I say all that already, in not so many words...? ;)
Okay, I also have more words: especially ATI cards seem to tear a lot (even with vsync)... at least the ones I had did, which was why I never got one of those again.
er..with Vsync I have never observed tearing..ever. (ATI 4850, 5850 and current in use AMD 6950).
Vsync completely eliminates tearing, if it doesn't then its not properly implemented in that game.
From past year or so I never used Vsync from inside the game, because some of them don't have an option to enable Triple Buffering. So I just use D3Doverrider to force Vsync + Triple Buffer to force it in every game I play (except a rare few FPS games).