A lot of close, but not quite answers.
1) V-sync prevents your GPU from writing to the display buffer (referred to as the front buffer) except between refreshes, which is called vertical blanking mode. As mentioned, it forces the GPU to wait until it can write to the display buffer when the display is not updating its image.
2) Triple buffering with V-sync, allows the GPU to get started on a new frame while waiting on vertical blanking mode by drawing to another buffer. Triple buffering does not affect anything if you are not using V-sync, as the GPU just sends its completed images to the display as soon as their ready.
3) V-sync, with double buffering, which includes the buffer the GPU creates frames on and the display buffer (often referred to as the front and back buffers), will tend to drop your FPS a tremendous amount if your FPS fail to reach your FPS refresh rate. Because the GPU cannot send completed images until the display is finished with its update, and because it is failing to create frames between each refresh rate, it will mostly have to wait 2 refreshes every time, causing 30 FPS on a 60hz display. Triple buffering allows the GPU to get started on the next frame while it continues to wait, preventing the huge drop in FPS.
4) V-sync with triple buffering, DirextX and a solid 60 FPS on a 60hz monitor will result in unnecessary latency. Your GPU will end up sending frames one refresh later, while holding onto a newer one that is complete because DirectX forces the GPU to send all frames to the monitor, even when a newer one is available. OpenGL does not do this.
5) V-sync with triple buffering, OpenGL and over 60 FPS on a 60hz monitor will result in your FPS counter going beyond 60 even though not all frames are being displayed. Unlike DirectX, OpenGL does not have to display all frames. If the GPU creates a new frame before the one that is waiting to be displayed is sent to the monitor, it will throw it out and use the newest one.
Notes:
1) V-sync with DirectX does indeed reduce heat if you are getting more FPS without it.
2) SLI and CF force additional buffers, resulting in a triple buffering like experience, even if the game does not support triple buffering.