I too have this issue. 
Radeon HD 7970 and Ubuntu 12.10 with the latest fglrx at the time of this post. 
Only way to minimize the lag is to disable sync to v-blank and screen tearing 
in CCC. 

It's a very serious performance issue.

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https://bugs.launchpad.net/bugs/763005

Title:
  fglrx driver + compiz's "Sync to Vblank" makes display stutter/slow

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