Source:
http://www.anandtech.com/video/showdoc.aspx?i=3591
So there you have it. Triple buffering gives you all the benefits of double buffering with no vsync enabled in addition to all the benefits of enabling vsync. We get smooth full frames with no tearing. These frames are swapped to the front buffer only on refresh, but they have just as little input lag as double buffering with no vsync at the start of output to the monitor. Even though "performance" doesn't always get reported right with triple buffering, the graphics hardware is working just as hard as it does with double buffering and no vsync and the end user gets all the benefit with out the potential downside. Triple buffering does take up a handful of extra memory on the graphics hardware, but on modern hardware this is not a significant issue.
It's a must read article. Enjoy!!!