Personally I don't find ASW all that noticeable. There's a difference if you look for it. And I'm the kind of guy that gets irritated that theatrical movies are still 24 FPS, and feel like most games are running slow if it drops below 45-60 FPS. Ignoring minor visual cues, the main reason I knew ASW was running most of the time for me, was when I fired up the Oculus debug performance monitor, and saw it locking to 45 FPS.
One important distinction between ASW and the game locking to 45 versus other games running at similar speeds, is that when games barely manage to run at 45 FPS, the frame rate is very inconsistent. It'll be highly variable based on what you're looking at. Whereas with ASW, since the target framerate is actually 90, it locks to 45 when the game can't quite keep up with 90. It will run a very smooth 45 frames per second, as long as you're not taxing it to the point where it's only barely able to manage 45. So you may get 45 frames per second with performance to spare, and ASW is still providing your eyes with head-tracked 90 frames. If your settings are too high, and ED can't quite manage 45 consistently, then you'll have very obvious frame drops and stuttering.
A good way to look at it is that your view will maintain the 90 FPS when you move your head and look around, but everything happening in the game, such as ships maneuvering, will only be updating at 45. Since the other 45 frames are extrapolated and inserted between real frames, there can be some minor artifacts (errors). Some people find this distracting. To me, it's an acceptable compromise to keep some quality and detail settings tuned upward.