I'm guessing you mean space warp, not time warp. Time warp reduces latency between tracked head pose and final display of image. It's been around for a while and is good. Space warp reduces game frate rate then interpolates to generate new frames to maintain a final 90fps. It causes problems in games like Elite Dangerous (especially the hud interface). It's the newer technique (but doesn't replace time warp, they do different things).
You can turn off space warp by pressing control - numpad 1.