I cannot really see meny advantages with a 120hz lcd over 60 hz, just that you will be able to run games without vsync and move windows about on the desktop without seeing tearing. Ppl notice the smoothness between 60hz and 80+ but is that worth spending double on a 120hz screen?.
Ive noticed with a 60hz screen, if the fps are over, lets say 90 for instant. you dont see tearing in games, whats that all about??
Not sure about the claims you make about tearing. Regardless of your refresh rate, you will always get tearing unless you have some sort of v-sync enabled. That said, the intensity of the tearing effect does depend on the fps you are getting and your monitor refresh rate. Generally though, a higher refresh rate makes tearing less noticeable, but it's still there.
The primary benefit of 120hz screens is that you'll literally be able to see more fps on the screen. On a 60hz panel, no matter how high your fps is, you'll only be able to see a maximum of 60 individual frames per second, where as with a 120hz screen you can see 120 of them per second. This should in theory make movement/animation on the screen seem much smoother with less noticeable motion blur. Of course, this all depends on your computer (in particular your graphics card) being able to render graphics at 120fps.
Another benefit is that since the screen is being refreshed at a faster rate, input lag should be reduced since the delay between frames is half as much.
Lastly, another benefit is that in theory, the majority of movies should look smoother, with little or no 'juddering'. The reason for this is that most movies are shot at 24fps, and 24 fits into 120 exactly (24*5=120), hence the frames in the movie are shown at a constant rate, i.e. for every 5 refreshes of the screen, 1 frame of the movie is shown, so that the frame rate of the movie syncs perfectly with the refresh rate. With 60hz panels, you get this subtle juddering effect when watching movies because 24 does not fit into 60 perfectly, meaning that in order sync the frames of the movie with the refresh rate (without speeding up/down the movie), for the first 2 refreshes of the screen the 1st frame of the movie is shown, for the next 3 refreshes of the screen the 2nd frame of the movie is shown, for the next 2 refreshes of the screen the 3rd frame of the movie is shown, for the next 3 refreshes of the screen the 4th frame of the movie is shown, etc. Hence, you can imagine the movie frame output will be uneven and hence the 'juddering' effect.