You right, I just can't explain it correctly.And this video shows what tearing and v-synced pictures are looks like.Nothing more!
I don't said that v-sync and frame-rate drop is not related, I just said that it's not the same.
With V-sync enabled game need to render some frames "ahead", this cause some noticeable performance drop
and increased latency.That's why GT3 and GT4 is not v-synced too (but they has performance "reserve", so you barely see a tearing).
But I can't explain why v-synced Burnout Paradise is so responsive...

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V-sync only waits until the screen is ready before sending the frame; double buffering renders a frame behind (i.e. it sends the previous frame whilst working on the current one) - double buffering incurs a much larger delay (one frame) than v-sync
should (a fraction of one frame), except the source has to wait until the next frame anyway, so it ends up being delayed a whole frame (totaling two frames if double-buffering is used)
but only when a frame is skipped - this is why the hardware implementation of v-sync is totally wrong for games.
Maybe Burnout Paradise uses some internal clock that allows them to really push close to the edge of the V-blank segment of a frame, thus minimising the latency. The other thing is that a consistent (but small) latency can be dealt with (anyone who's played Rock Band / Guitar Hero will attest to this); once the latency starts jumping around, that's when you have real problems - i.e. stuttering, dropped frames etc (anyone who's played those same games on an I/O hacked Wii can attest to that...)
Burnout Paradise, God Of War 3 - those all are v-synced, and they strove to 60fps, but actually runs at lower frame-rate. (variable frame rate).I mean they not necessary go straight to 30fps if it can't run at 60fps. (you always can double previous frame right?)
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Yes, that's exactly what's happening, but the frame, although doubled, is the same as the last, so in a moving scene, the perception is one of a lower frame rate. The TV is still running at 60 Hz, but the source hasn't updated it's buffer yet, so it sends the same info as the last frame - that's where the extra latency comes from, since you then have to wait yet another frame to see what's changed in the game world.
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@Rattlehead I agree that certain combinations can't be ideal (e.g. 50 Hz only TV with a 60 Hz game?

) I also had no screen-tearing issues, using HDMI into DVI on a PC monitor. I did see slowdown, though, and had colour-compression issues...
Anyway, enough of that...
If the conference doesn't show Standard cars, there might be a bit of an issue, assuming that new features are announced, and others clarified...