You do not "see" microstuttering. There's a reason it's called "micro" stuttering and not regular stuttering.
Microstuttering makes the game appear that its running at about half the FPS. I've experienced it in my 8800 GT SLI setup, and it really sucked. FRAPS numbers showed crazy FPS but the game wasn't really smooth.
It was only when I timedemoed and saw exactly which frame was rendered at which microsecond; that I was able to understand why my gaming experience wasn't what I was seeing at FRAPS.
Basically, if you render 5 frames at the same exact time but fail to render another frame in the next 20 milliseconds, you'll appear to have 250 FPS but will feel 50 FPS.
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