But then you're not flipping at an arbitrary point.Not if you interrupt/flip during vblank. (Of course, displays don't have vblank anymore, but you know what I mean...)
That is, if you wait for vsync, you are tied in refresh periods but have no tearing. If you flip buffers at any point during the output, you aren't tied to refresh periods but you tear the screen. You can't have it any other way.