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Chill and FRTC work in tandem, but they don't increase input lag the way V-Sync does, that's why it was created. Instead of artificially forcing the frame rate of your monitor's refresh rate, or half of its refresh rate if the frame rate drops below your monitor's refresh rate, which increases lag, Chill and FRTC dynamically adjust the GPUs clocks to maintain the set FPS within a certain range (about +/- 3fps) of the figure you select.
Problem is that with V-sync on I see that image is better. With Chill/FRTC I can clearly see some tearing and problems in bottom of monitor. And I'm sure that is problem on AMD side, and not monitor side, cause (as I said already) with V-sync picture is smooth and good, so monitor is working good and is capable of delivering good image, but something is not right with Radeon.
I tried to record it, can upload even video if is needed to see what I'm talking about, but there is "small lines" tearing in bottom with Chill ON.