We study the coding efficiency of view synthesis prediction (VSP) in 3D video coding. Our spectral domain analysis relates the power spectral density (PSD) of the VSP prediction error to the probability density function (pdf) of the warping error. Our analysis takes into account the warping error induced by (i) depth coding and (ii) rounding error at integer-pel, half-pel and quarter-pel warping accuracy. We also study the interaction between depth coding error and warping accuracy. Our model suggests that the coding gain with using higher warping accuracy diminishes as the depth coding error increases. Our analysis results are validated with empirical data.