As far as screen tearing, the last few ATI drivers have given me what I'm guessing is the tearing you're talking about. A bright line on the left and top side of the screen.
Not that -- although that's one of the reasons I don't use ATI cards.
Tearing is what happens when the frame buffer updates in the middle of a monitor scan. Basically, the top half of the screen will show the old frame's angle, while the bottom half shows the new frame. It's most noticeable if you're turning horizontally, because there's a clear line where the camera angle changes. This is the "tear." Vertical sync completely eliminates this, by waiting until the monitor scan is at the first line before updating the frame.
Dunno, maybe I'm just hypersensitive to this effect, but it drives me crazy and I can't live without VSync.