Hlsgsz :
Yeah fast sync doesn;t help with microstutter in itself. It only enables you a tearing free experience wihtout enabling Vsync, thus avoiding the stuttering Vsync brings to the table.
Anyway, no tearing means it's working
Fast Sync doesn't fix stuttering. That's actually one of its draw backs. It can create stuttering, where V-sync might not have any. But you are right in that Fast Sync does not lock your FPS at your refresh rate.
Here is an explanation of how it works:
Nvidia's drivers will create 2 back buffers regardless of what the game has for back buffers, as most games only have 1 back buffer. Nvidia will then treat those 2 back buffers similar to how triple buffering works, but with 1 key difference. Instead of resting idle if both back buffers are full with completed, but undisplayed images, Nvidia's Fast Sync will throw away the oldest image in the back buffers, and start rendering a new image. Normally, with DirectX, every image rendered has to be displayed, but with Fast Sync, they bypass that restriction, and will throw away the oldest image in the 2 back buffers, to allow it to keep rendering new images. When the display enters vertical blanking mode, the GPU will send it the most recent completed image, unlike normal, which sends the oldest completed image.
This is why your FPS counter continues beyond your refresh rate. The GPU is continuing to make images, even if they are not displayed. It is also why it can introduce stuttering, especially when you are only a little above your refresh rate, as you are skipping past some images, and not others. This can create uneven times between the rendered images, but displayed at an even interval.