It's still applicable to LCD's, in my experience. In fact, "60Hz" (max 60fps) tears more than 85Hz did on my old CRT's, not surprisingly - even though they don't refresh like CRT's do. So yes, I still try to use Vsync and Triple Buffering if at all possible.
Edit: I'm not exactly sure why this still happens on LCD's, but if I had to take a wild guess I'd say it's probably because of the contents of the front buffer (back buffer? I forget which is which) changing in the middle of the transfer of a frame to the monitor (when Vsync is off), or something like that.