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I'm pretty sensitive and I don't notice the same kinds of things other people claim to when they get fewer FPS than the refresh rate, but it's going to be interesting to see how well it works as it matures. It'll be the most noticeable on laptops and tablets because of their weaker chips, but it'll be something we can all take advantage of. Let's just hope it's not a bad joke like LCD Overdrive.
I don't either considering that VGA is still with us even in 2014, but I think this "technology" of variable refresh rate will advance faster than we think because it is a power saving measure, and with the majority of devices being sold being mobile, any way to extend battery life will be jumped on by Samsung and the other panel manufacturers.