currently i have a samsung 46" 1080p (60hz). i bought an "upgrade policy" (extended warranty) and i was doing some shopping to see if 120hz and the LED technology is worth it and see what i may want to try to replace my tv with.
i spent some time looking at a blu-ray picture on a sony 52" xbr4 with 120hz refresh rate. the tv is supposed to be the best in LCD technology and picture.
honestly i was grossed out at the image the tv created. it turned 2 different movies (spiderman 3 and fanstatic 4) into documentaries... what i mean is that movies in general look different. they are mostly recorded at 24 fps and have a fantastic cinema filter that seperates a movie from a movie. after all this added technology that "movie feeling" is gone and people look like beowulf and it looks like a video instead. i guess you can turn it off but why spend the extra cash.
It has a lot to do with the source. I personally love the 120hz and I have 2 TV's currently that do it. The Sony 55A3000 and the Samsung LNT4071. The XBR 4 that I had did OK, but I like the A3000 and the LNT's 120HZ engine better than the XBR's. It makes a lot of the movies look 3D and more vivid in my opinion. I think it also helps with gaming. The 24fps is native from what the movie is being shot at.