Fast sync is designed for people after low latency without tearing. It essentially forces triple buffering, but instead of not rendering when the two back buffers are completed, it will toss the older of the two completed frames in order to start a new frame. It'll continue making new frames until the monitor is in vertical blanking mode, then the newest completed frame is displayed.
Normal V-sync will stop rendering once both back buffers are finished (if triple buffering is on), or just stops at one finished frame with double buffering is used. Even if there was time to create another frame while waiting for the next vertical blanking mode, it does nothing, and it is required to display the oldest completed frame.
The result is fast sync has less latency. The bad news is that it can create some jutter in some games.