New LG IPS 23 inch 240hz monitor.

Another case of frame interpolation to smooth out broadcast images. Nothing new here - high end TVs from LG have been using high interpolated frame rates and IPS panels for a while now.
 
well it's new in that it's 120hz input + interpolation instead of 60hz input + interpolation

It's not 100% clear that is what's happening... The closest it gets is this passage:

The full HD 23-inch 240Hz LCD panel was developed by combining 120Hz technology (refreshes 120 images per second) with scanning backlight technology which enables a backlight to be repeatedly turned on and off.

...which isn't exactly crystal clear.

I really hope that it IS a true 120Hz panel with single-frame interpolation, but it will surprise me. I'm expecting a 60Hz panel with triple-frame interpolation, if for no other reason than it's based on IPS technology (which has shown itself to be extremely resistant to higher refresh rates).
 
It's new for monitors that's the point. :p

It isn't a pure monitor. It's either a hybrid TV-monitor or a TV. There's nothing stopping you using a TV as a monitor. The website is just getting its keywords in there that's all. Either way the advantage of 'pure' 120Hz with added interpolation will most likely be negligible unless LG has achieved some sort of responsiveness breakthrough.
 
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