I love it but I turn it off mostly because my computer doesn't handle some of the more recent games(Witcher 2 is barely playable).

Back when I had a 75Hz monitor I left V-sync off in just about all the games I played.
Limiting the framerate to something slightly lower than the refresh rate seems to work just as well as V-sync for preventing tearing without introducing stutter when the framerate drops.

Now that I've got a 120Hz monitor I just leave it off, and force framerate limits through my graphics drivers on games that run too fast or have other issues with high framerates (bouncing glitch in MechWarrior 3, anyone? :P ).

Depends on the type of a game. For most single player games - such as RPGs, strategy games and what-not, leaving v-sync on is perfectly fine.

For FPShooters it can be a hindrance since it can give you varying ammount of input lag (L4D2 is particulary bad with v-sync on) which makes precise aiming nigh impossible and what you see on the screen is then also slightly delayed by v-sync.

A bit of screen tearing is a small price to pay for better accuracy, and after a while I rarely notice it.


One additional thing to note - You can turn off v-sync and cap fps on a game which should prevent your gfx card from running on full throttle.

I use vsync if there's a need for it. Otherwise I don't. Do I like it? Sure. Do I hate it? Nope.