"Update: We had a chance to talk to Lucid about HyperFormance and Virtual Vsync in more detail, and have updated our article accordingly. One thing Lucid has made very clear is that while HyperFormance technically improves framerates, this is not the intention of the technology. Indeed it's largely a side effect of the fact that with HyperFormance the GPU is rendering some (or none) of a frame while still reporting to the CPU that the frame has been rendered and the buffers flipped.
The principle purpose of HyperFormance is to reduce input lag, and this is a logical extension of Virtual Vsync - if something is not going to be displayed (e.g. it will be an out of date frame by the time the next buffer flip comes around), why render it? Ultimately what Lucid is doing here is a creative workaround on updating the display without always waiting up to 16ms for a new refresh cycle with v-sync, and an even more creative workaround for the fact that modern GPUs typically have up to several frames in their rendering pipeline. The end goal is to display as new a frame as possible, as waiting for refreshes and having multiple frames in the rendering pipeline both contribute to input lag.
Of course it goes without saying that there are good reasons that modern GPUs have a frame pipeline, and this is primarily to smooth out the framerate so that it doesn't constantly fluctuate (creating a microstutter-like effect) and so that the CPU doesn't end up waiting on the GPU. Lucid contends that their solution can handle these issues without buffering additional frames - and thereby without increasing input lag - and it will be interesting to put this to the test once Virtu Universal MVP finally ships."