FPS higher than 60 on a 60hz screen is actually beneficial with vsync off, while it can only display 60 discrete screen refrehses per second having a higher frame rate essentially means that parts of the screen refreshes that tear to a new image are giving you more up to date information than you'd otherwise get.
For example if in 1 refresh the image buffer flips in the middle of the draw then the top half might be something like 20ms old information where as the bottom half is brand new information, that incurs the tear line between the 2 images.
Now, if objects span that tear line and are divided in half your brain can infer the movement direction of that object based on how its tearing, great for fast moving objects that you might not even see if you have Vsync on.
When you have frame rates up in the 100's you'll have refreshes that made up of multiple frames and each part of the screen further down is slightly newer than the one above, while tearing is ugly and downright offputting for some I do happen to think it's conveying more information than 60 perfect frames, the brain is a fantastic thing and is no doubt subconsciously extrapolating the movement of a lot of things on screen and that up to date information helps.
I also personally think in fast paced games such as playing the scout in TF2 or something old like Quake/UT that very high frame rates just feel smoother and more responsive and they are really, you're getting more up to date visual feedback from your physical input on the mouse/keyboard so control feels tighter.
This doesn't mean that I think 120Hz monitors are useless, quite the opposite I like the idea and I think it helps even more but I'm just sick of this assumption going around that anything over 60hz is a waste, I don't think it is, you only need to cap your frame rate at something like 60fps, play a twitch shooter then cap your frame rate at 300fps to see the difference, it's significant for sure.