Gsync was never supposed to improve the framerate. It's a method of removing screen tearing, without adding as much input lag as traditional vsync. That article supports that claim, as gsync adds less than 2ms of input lag, as opposed to vsync's dozens of milliseconds of input lag.
So no, it's not a gimmick.
But it's still not going to make 120fps at 1440p viable for any decent looking games. That's a pipe dream, and likely will remain mostly unattainable/silly/wasteful/pointless for several years.