I think some of you guys are getting sidetracked and confusing the OP with comments related to trailing or the handling of response times on PC games when he was specifically asking for:
1) A low input lag monitor that;
2) He can use for fast-paced console games
The LG has, in practice, very low input lag and good overall image quality for the price. Don't get bogged down by the measurements as input lag varies a lot depending on situation and unless you are taking oscilloscope-based or similar measurements the accuracy of such figures is highly dubious. The 120Hz capability is nullified by your HDMI -> console connection but given the price the LG is still a good choice.
1) A low input lag monitor that;
2) He can use for fast-paced console games
The LG has, in practice, very low input lag and good overall image quality for the price. Don't get bogged down by the measurements as input lag varies a lot depending on situation and unless you are taking oscilloscope-based or similar measurements the accuracy of such figures is highly dubious. The 120Hz capability is nullified by your HDMI -> console connection but given the price the LG is still a good choice.