Notice that even if you force vSync through your GPU's control panel, Radeon Pro, DXD3Overrider etc, these bugs will still persist. The only way to stop them, unless noted otherwise, is to set iPresentInterval to 1.
Crazy Physics
Allowing your FPS to go over 60fps causes the physics engine to go a bit out of control. The slightest touch, even opening a door, can send pots and pans 10 foot away flying all over the place. Whilst this may seem funny, it can have disastrous consequences if a really important item flies so fast it gltches out of the playable area.
This can however be solved by limiting your FPS to 60.
Day and time out of sync
With iPresentInterval disabled, the time and day will gradually go out of sync. Shadows update correctly, shops close and open at the right time and the sun sets and rises correctly. However the physical day (for example Turdas) won't change until 5pm. This not only breaks immersion, but can also break some quests where the AI relies on the actual day changing.
NOTE: It has been confirmed that this will cause NPC schedules to go out of sync, and does break some quests.
This cannot be fixed with a FPS clamp, or by forcing vSync externally.
http://www.gamesas.com/index.php?/topic/1280991-do-not-disable-vsync/page__view__findpost__p__19368231
Flickering Water
Only happens on certain systems, however it happens to me. Water LOD is fine, however once you approach the water it constantly flickers when you move the camera.
This can be fixed by forcing vSync externally.
Y Axis Camera Issues
The Y axis of the camera seems to be tied to your FPS when iPresentInterval is disabled. This causes your X axis to function correctly, however your Y axis will alternate terribly over-sensitive and sluggish.
This can be lessened through some INI tweaking and a FPS clamp, however won't really go away completely.
Additional timing issues
Having iPresentInterval set to 0 seems to give some (after an extensive playthrough) delay with certain functions. Namely receiving items off NPCs and getting markers added to the map. These things happen 5-10 seconds after they should.
This cannot be fixed with a FPS clamp, or by forcing vSync externally.
Hopefully this will give people a little heads up.