@mrgibby yeah i think dispmanx was fixed to respect the swapchain setting, and now the following applies:
Note on video_max_swapchain_images setting
When using the OpenGL ("gl") video driver, this setting switches between using two or three buffers for rendering. Without going into details, a setting of 3 allows the emulator to run ahead and prepare the next frame before the current one has even been shown. This improves performance (i.e. makes framerate hiccups less likely), especially on slow hardware, but increases input lag by one whole frame in the general case.
So, the general rule is to use a setting of 2 if the system can handle it. It will shave off one frame of input lag compared to the default setting of 3. Please also note that a setting of 2 forces vsync on.
i guess in this case the system couldn't handle it :(