As you should only get tearing if the fps is higher then your monitor refresh rate..
Not strictly true. You still get tearing when the fps is lower than your monitor refresh rate, it's just less noticeable at lower framerates. It's not really the frame rate that causes tearing, but the timing of each frame output from your graphics card being out of sync with the monitor screen refreshes, which can still happen when your fps is lower than your monitor refresh rate. In fact, you can still get tearing even if your fps is exactly 60fps (on a 60hz monitor), unless each frame is being sent to the monitor at exactly the same time each screen refresh occurs - which is what v-sync makes sure of, hence no tearing.
Therefore, this adaptive v-sync is not a perfect solution, you'll still get screen tearing, but it's a minor tradeoff for the awful stuttering you get when fps is jumping between 60fps and 30fps (or even 20fps if performance is really bad).
A perfect solution would be monitors that have dynamic refresh rates, dictated by the graphics card's frame output, though I'm not sure if this is possible, otherwise we would already see this on the market.