If the graphics card can't maintain 60FPS - say it drops to 50FPS on the counter, and v-sync is on to avoid tearing (I'm talking out my ass a little bit here), does the monitor just repeat the previous frame if a new complete one is not available? And does that mean you are actually getting 30FPS, at least for those 2 cycles? And then does it bounce between either 60FPS and 30FPS for an average of 50FPS? Or can the monitor reset when it starts displaying a frame, so instead of displaying a single frame for 2 cycles, it displays a frame for 1 cycle, and then nothing for 1/2 cycle, and then start again with a second frame?

Why I ask.
I was getting annoyed by the map taking 10-20 seconds to open (dear FD, but they don't care). I thought I'd try the trick of disabling the frame rate limit. Then I was only getting about 130FPS, which seemed low, and I discovered my SLI was disabled again! I assume this happened with the latest game upgrade. After I fixed that I was getting 260FPS (out in deep space exploring). The map did open quicker, but then I started wondering about what was really happening.