I would say that part of the mouse processing is linked to the redraw functions, which explains the responsiveness phenomena with sudden jumps in framerate.
Say rendering is at 60fps, so there's 16.6... ms between frames. If it drops suddenly to 50 fps, this goes to 20ms.
Let's say mouse coordinates are read every frame, and now let's say that you move your mouse 60 pixels in 1 second. So that's a speed of 60pixels/s. If we take a look at the pixel/frame speed though, that would be 60 pix/s divided by 60 frames/s giving 1 pixel/frame vs 60 pix/s divided by 50 frames/s which is 1.2 pixel/frame:
1 pix/frame vs 1.2 pix/frame.
So going from 60 to 50 fps has given a sensation of speed change of 20%, which definitely is noticeable. Of course, this depends on the assumptions being correct.
With vsync turned on, the video card has to redraw the screen before doing anything else. This forces the computer to wait until drawing is done. This can explain the perception of lagginess as perhaps the computer must do some more things as well when drawing the frame, thus delaying mouse input reading some more.
Turning off vsync removes this possible lag, as well as letting the video card fps to go beyond the monitor refresh frequency.
With an Nvidia Geforce 7600 GT with: vsync off, normal quality w/ no AA, 1600x1050 resolution and a Core2Duo E6400 at 2.13 GHz, fps goes from 90-70, usually sitting around 79ish. This specifically helps with the lag per frame issue.
Also possible, notice that the pixel/frame speed difference occurs due to the ratio of the different fps's. A 10 fps hit is more noticeable between 60/50(=1.2) than at 80/70(=1.14..).
If you want to experience this for yourself, find a fast song, where mouse responsiveness is automatically dialed up to begin with. Then use fraps (demo should work for just this purpose) to record once at low fps, then another time at high fps, with sync on for both runs (I think this effectively forces vsync).
You should be able to feel the difference in movement speeds, lag not withstanding.