Nowadays this term is used for cpu/memory overclocking. If the memory runs at the speed of the Front side bus, then it is synchronous, else it is not. Ex.:
a core2duo with a 1066Mhz FSB means 4x266Mhz. Synchronous ram should be 533Mhz, or 2x266Mhz. In this forum this is called a 1:1 ratio.
Say you change the ram multiplier, then it will be asynchronous as the speed will differ from the FSB speeds.
There is performance hit when ram is asynchronous from the FSB (using any other than x2 multiplier).
Using memtest86+ I set my ram at 666mhz, using a x2 multiplier (333x2), then did another test with the same 666mhz using a x2.5 multiplier (266x2.5). The first test cleared more than a minute faster than the latter test even tho ram was set at the same speed. For the tests I used two different cpu multipliers to get the exact same cpu clock between tests.