I currently have V-Sync and Triple Buffering forced on in my Nvidia control panel but what does Triple buffering actually do? I only forced it on because I was told it makes the input lag a little bit better...
Double buffering, triple buffering, rendering N frames ahead, all of these things have pros and cons attached.
Mostly the difference between double and triple buffering is about letting the CPU get on with work instead of idling. If it's a game that is 'cpu hungry', forced idle times on the CPU aren't good.
With double buffering, you're showing one frame to the monitor screen, and in the background (on the 'back buffer') you've finished drawing the next one coming up, and your CPU is now stuck with nothing it can work on whilst waiting for the vsync flip to give you the space to start drawing the next frame that follows again.
The drawback to rendering too much data ahead of time, is you do run the risk of always playing in the past, whatever actions you do now based on the data you see on screen could be 1, 2, or more pre-generated frames out of date already. If surplus frames aren't discarded when this happens, this could be felt as a kind of lagged 'elastic band' input delay. If they are discarded, the frame rate will feel less smooth as it'll jump a bit irregularly.
I'm loathe to suggest there's a perfect setting out there, it often depends on the hardware and the software combined. You also have to be careful of games that have their own home-rolled method of doing things like frame management, because if you also use a video card's control panel settings, you could double-up needlessly.
The only general advice I'd make is that if the game has a feature to control anything along these lines, use it, if it doesn't, then force/override it with the graphics panel as needed.