I don't think faster hardware is the issue. This is an E8500 running at 3.6Ghz with a decent midrange ATI card. Centipede was running full speed ten years ago on hardware that was outdated THEN.
Games run flawlessly without any sort of syncing enabled, except for the tearing. Alien Syndrome as a lot of smooth scrolling areas that make this particularly visible.
if I enable triple buffering, things look great, except for the lag that is introduced. For joystick games I don't think i'd ever notice, but for trackball games it makes the game unplayable.
I can very literally roll the track ball in a couple of loops very quickly then pull my hand back and watch it finish making the motion for the next few seconds. This does not happen with any of the syncing options off. It's almost as if it's polling the input at a much higher rate than the game syncs to, and then playing back the 'buffer' at game speed.