I have created a comparison video which demonstrates whether there are differences between capturing a replay rendered at 120 FPS and one rendered at 60 FPS.
The left half of the video file is a replay running at 60 FPS (VSync ON) and the right half represents a replay running at approximately 118 FPS average (V-Sync OFF).
Both replays were captured through OBS as lossless files, using OBS's own Ut Codec. They were then imported into Adobe Premiere Pro CC6 and synchronized, running side by side in split screen mode.
Please watch the video and tell me which side do you think looks better and why.
About the battle: Ace Tanker on Redshire with T49: 3537 damage dealt, 3842 spotted, 4 kills and 1529 base XP. Scout medal also earned, which is always nice.
Replay file here: http://wotreplays.com/site/3322067#stats