There would definitely be an input 'hit' of sorts (at least theoretically based on extra processing cycles sitting between the DX and the game engine but... showing more the less 'power' the system had to push through stuff), especially if it catches and passes on DX functions for things like input, and probably would cause additional input lag if pipelined on a single thread (can't pass on input events if we're still looking up or 'banking' data from the 'host' to the card). Though having all data strictly on the card, I'd venture a guess it's still adding input latency to some degree that should be 'masked' or mitigated by faster processors and a higher ipc into a negligible amount.
@ Roy, That's why I'm surprised (not necessarily doubting) your having the kinda of problems your having with it; anythings possible, but doesn't seem likely with your pc being what it is.
My gpu and cpu isn't as powerful, but I can squeeze out between 40-60 frames at 1440p fairly easily with the mods I have. Though complicated lighting inside buildings like Camp McCarren and that rocket place with the ferals will absolutely drop it down below that. Very often when hitting 60 it's really smooth, but never as smooth as the base game without all the mods and stuff. I most definitely can tell a difference between anything 60+ and even 40+ as opposed to 30+ fps.
Some of us, like myself, were artists before becoming programmers all those years ago; I do still like to draw from time to time. My father was an artist which is something I inherited from him. Though back then, comic book art was my media of choice. Expression were things that were very important to us, and me regardless of source. In a way programming gave also me an opportunity, through the years, to be expressive (in a different sort of way- like an interesting novel or idea, just expressed in code).
So given that, I don't think it's about graphics 'whoring' as much as expression. Some like to see something beautifully rendered (even down to 20fps if they prefer- though I probably wouldn't enjoy that as much as perhaps someone else might, but if that's all I have, it's enough), and others it's about how the atmosphere makes them feel. Yes, some just want the best or feel they must have the best, whether graphic or hardware wise; that's cool too. While others just want to be a part of something, like those in the modding community who love to include 'others' work in their game for example. For those, mods let them do that in way; be part of something bigger. Even if their system isn't quite a good a someone elses, it's how they experience it for themselves, and that's what matters. Well, at least that's how I look at it.