Here's a theory, feel free to correct whatever might be wrong.
Asynchronous Timewarp works by rerendering the previous geometry from the current point-of-view whenever the application (in this case FSX/P3D) has not finished assembling a new geometry in time for the next frame. The logical limitation of the technology being that it cannot render anything that wasn't visible in the scene before, that's where we get the black areas when we look around when frame rates are really low.
It also appears to work better for distant geometry than close geometry, so I assume the relative position of the eyes or minor positional changes (ie. moving the head instead of turning it) are playing a role, so that we don't perceive any negative effects when looking at scenery, but we notice them when looking around in the cockpit.
Conventional wisdom seems to say that most people perceive a projection of any kind as kinda smooth when it has more than 24-30 fps. Apparently, this is different in VR, or we wouldn't have that "magical" 75fps/90fps number.
I think the people experiencing judder/stuttering in the cockpit (like I am) kinda expect that they get a smooth experience when turning or moving the head inside the cockpit, when the FI frame counter seems to be at totally reasonable levels like '30/90' or '45/90', but it certainly feels (to me!) as if the frame rate was only 10-15 fps, no matter what the FI window says.
Is this what everybody else is talking about?