Wipeout HD uses a marginally similar system but far more intelligently. It's something called a 'dynamic frame buffer', in which it will lower the resolution slightly if the screen gets busy (multiple explosions etc) in order to maintain a perfect 60 FPS. If the resolution gets low enough that it might become noticeable it turns off vsync for a second or two. The effect is only noticable once in a blue moon and really DOES keep FPS at 60 solid, i really hope other suitable games use the system as it works fantastically well. and allows the PS3 to run a relatively pretty game at 1080p 90% of the time.
Gears just seems to have vsync turned off 50% of the time on the PC with poor frame rates, strange seeing as in terms of hardware a PC is far superior to the consoles.