The flicker is from the backlight or (more likely) dithering algorithms - it has nothing whatsoever to do with refresh rate, which unlike on a CRT has nothing to do with the 'screen refresh' and is all to do with the electrical signal (i.e. how much information is sent from the graphics card to the monitor every second). An LCD at the simplest level is a colour filter placed infront of a backlight - this fundamental setup is not altered by a 120Hz refresh rate.
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