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Oh, I'm glad I'm not alone in having this issue. I have a DVI and HDMI setup too, and I also seem to be getting tearing/monitor waves. It's not even video game related, I'll get it when I starting up video files as well. It very well might be one of the latest driver updates, I'll roll back here shortly and will report back with my results.
Update: After going from 126.96.36.199 to 16.5.2, rolling back to 16.4.2 seems to have fixed it for me.
My Radeon software something-or-other claims I'm running 16.5.2, but I could've sworn I'm back to 16.3... Anyway, let's just for the sake of argument say that 16.3 appears to work. Will try going up to 16.4.
(Heh, unclean uninstalls or installing older stuff alongside newer components is why we love Windows, yeah? As long as it doesn't blow up...)