Could you care to mention some successful examples of stupidly expensive gimmicky proprietary features (because that's what this is) ever outsmarting any competitors?
I think it's a bit absurd to call it gimmicky. This technology effectively allows you to play every single game you own or will ever own with the same smoothness as a 100% locked 60fps (or higher) with less input lag - as long as you can generally stay over 40fps or so (with dips below being fine).
Forgetting about framerates, it has the potential to make the game experience on a mid range NV GPU as good as or better than a high end AMD GPU. That's HUGE! Viewed in that way, the extra $120 sounds like a bargain!