From my research the eye can't tell the difference between 120hz and 240hz and product stated contrast ratios are full of sh1twe and mean nothing and that goes for response times too.
When looking for a gaming Lcd TV the best thing to look for is lag time but no TV makers give this out. The best panels for lag time as tested over at the AVS forum, are IPS and the only TVs with these panels are LG and Panasonic LCDs but not all LGs and maybe Panasonic are not IPS panels so you have to check out what you are buying. Also the best TVs for gaming have the least extra processing so look for a 60hz TV.
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