A:Answer It is not 120Hz. It's 60Hz that's manipulated. Anything higher than 60Hz that has a fancy name on the end is likely what most call an effective implementation that just manipulates the backlight to give the appearance of what you would if you had 120Hz. In many cases this involves just showing you the same frame twice to reduce motion blur.
For LG specifically, the following is straight from their site. While it says "increases" it really means enhances or effects, otherwise it would just be plain 120Hz.
"TruMotion increases the standard 60Hz refresh rate -- how often the image is rendered on the TV screen -- which drastically reduces blur and yields crisper details. It's a boon to all fast-action video, but most especially sports, so you won't miss a thing. LG TruMotion 120Hz, 240Hz, or 480Hz is available on select-model LCD TVs."
All of this being said, it's not something exclusive to LG. A vast majority of brands do the same thing, just calling it something else ( Toshiba ClearScan, Sony MotionFlow, Sharp AquoMotion, etc ).