(a) this uneven frame-pacing is called "judder"
(b) you only get judder with vsync=on, vsync=off just flips to the new buffer as soon as it's available. The downside is that you tend to have a visible seam or "tear" in the image when the buffer flips.
(c) the memory for triple-buffering is trivial, that's not the problem. The real problem is that you need to be pushing a framerate at least as high your monitor's refresh rate, and ideally 2x your refresh rate. That's undesirable in a world where you don't have infinite money to spend on hardware.
(d) NVIDIA actually pioneered this technology, AMD came in with a copycat implementation after the fact. AMD has the advantage of not needing special hardware in the monitor, but it usually comes with the disadvantage of only being able to sync over a narrow range, such as 40-60 Hz. Some monitors have as narrow as a 10-hz sync range, and many of them tend to flicker once they get down to the lower end of their sync range. There are currently a total of three FreeSync monitors on the market that don't totally suck.
http://techreport.com/news/25867/amd-could-counter-nvidia-g-...
https://gpunerd.com/guides/freesync-monitor-list