Erm, vsync usually HURTS FPS guys.
vsync matches your FPS to your monitors refresh rate. It does this so that you never see "tearing". Think of it this way:
Your monitor can ONLY display X number of frames per second. This x is equal to your refresh rate -- eg, 60 hrtz, (72, 75, 80, and 100 are common refresh rates -- most games FORCE you to 60)
So, say you are running 120 FPS? What happens to the extra 60 frames? They still get sent to the video card, but half way through an update. This means that the top half of the screen is the last frame, while the bottom half is the new frame, and if you are turning in circles that means you'll see a tear right at the update line.
Example -- most LCD's run at a stock 60hertz, or 60 refreshes per second. This means that if you metch your video refresh to your monitor's refresh, the most you can do is 60fps. Although it can, and will, go lower it will never go higher.
Now, if you have a CRT you can usually jack up the rate to 80 or even 100 (really good monitors) and then it's not an issue.
vsync exists simply as a cap to your fps in order to stop this effect from happening.