Why would anyone ever need an FPS higher than 90? The human eye can only see a maximum of 90~ FPS anyway. Plus, fps drops are not as much as a gameplay hit. If you have your FPS set to no maximum, an FPS drop to 30 from 400 will SERIOUSLY alter the gameplay for about half a second, which can actually make a difference in those times when half a second can make or break the game. Removing the FPS cap is OK, but I recommend enabling vsync so that it will only redraw when your monitor redraws, which removes the bad ripping effect(when half the image on the monitor is updated before the other half, resulting in a visible line between the updated rendering and the old rendering in the middle of the screen). Removing the FPS cap can allow you to see if vsync is enabled or not. If you get FPS higher than your monitor refresh rate, then it's not enabled.
Plus, vsync can (theoretically) maintain higher FPS than without, this is highly debated. I say, better safe than sorry(or, better on than off).
There is no reason not to enable vsync.