Changing MaximumFPS to 0 will, as the setting name implies, disable the upper limit on your FPS that OSR applies. The lower limit on frames-per-in-game-second will still apply, as will the other settings in the FPS management section of OSRs configuration file.
If VSync is enabled and your drivers are sane and Oblivion isn't going crazy then MaximumFPS should have no impact on whether or not you get screen tearing.
Forcing Vsync and triple buffering via ATI Tray Tools in Win 7 x64. The iPresentInterval is 0, I have never messed with this setting, what is it?
Drivers may not be sane, as i'm using an HD5970 which is new and hasn't really had an official driver for it yet, add on top of that ATI's rep for not so great drivers. Could be anything.
I am also confused as to why that would fix screen tearing. It may be because my card is getting 200+ fps indoors, and maxing that to 30 is making something go haywire. I tried setting it to 60 fps which is my screen refresh rate but still experienced tearing.
Fortunately, whatever FPS Management is doing with MaxFPS at 0 is still reducing the stuttering/micro-freezing issues that Vsync/triple buffering on its own (forced via ATI Tray Tools) seemed to bring on in outdoor areas especially. It still seems to be keeping everything smoother and more graceful, without the hiccups. I don't understand what is doing now with the MaxFPS at 0, but I like it, lol!