I did a Crysis 1 benchmark on my single GTX 570 a while back, to see how it would fair with normal vsync and adaptive vsync.
The results were astonishing.
With adaptive vsync:
2012-03-27 20:58:24 - Crysis
Frames: 8886 - Time: 170166ms - Avg: 52.220 - Min: 39 - Max: 61
With normal vsync:
2012-03-27 21:04:26 - Crysis
Frames: 5657 - Time: 169994ms - Avg: 33.278 - Min: 26 - Max: 61
Needless to say that the overall gaming experience was night and day, in favor of the adaptive vsync.
We can see here that when a game is heavy enough, to keep a card hovering at around 60fps-, vsync can really destroy the framerate, while adaptive vsync can work wonders, in terms of not destroying your gaming experience.
In this light I consider adaptive vsync a vital feature on my driver set and that almost binds me to Nvidia. Of course for high caliber AMD cards, normal vsync will do fine, since they have excess power and are very likely to keep 60fps in most games. I still would like to see an adaptive vsync like feature on AMD driver set anyway.
If I had to choose between two equally powered and equally priced AMD and Nvidia cards, Nv would be my choice and adaptive vsync would be mostly the reason.
PS I think that Dxtory's framerate limiter could provide a similar experience to adaptive vsync, although it's not the same thing. I have still to try this out.
PS2 Lucid's Virtu MVP could also provide similar capabilities but I am not so sure about the specifics plus it would be limited to Virtu MVP users.