questionsis 240hz a noticeable upgrade from 120hz in theā€¦

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Noticable good or noticable bad? IMHO 120hz can ruin content. That said, no, there isn't as much noticable difference going to 240hz from 120hz.

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It depends on what you are using the screen for. If you are just watching television, you probably won't notice much of a difference once you get to 120Hz and above. If you have game systems hooked up to the screen you may be able to notice a difference between 120 and 240 (but it won't be as noticeable as going from 60 to 120) depending on what kind of games you are playing and what game system you are using.

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I just picked up a 240hz, don't know how much better it is over a 120hz as I upgraded from an old projection tv. I found the following website very helpful http://www.televisioninfo.com/ratings.php

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my wife and I just purchased the Samsung LN46B650 and were eying the 750 for the same reasons of more Hz. However, after seeing them side by side we went with the 650 as it was $400 less in this scenario and we thought the picture quality was almost identical. BTW we got it at Fry's for $999.00 on special, not sure how long that deal runs.

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The difference between 120Hz and 240Hz is indiscernible to the human eye. If you were watching ACTIVE 3D content in FULL HD (split into two 1080p displays across alternating pixel lines) then it would matter during scenes of fast motion or 3D sports. So you'd want 240Hz for a 3D capable TV and 120Hz is fine for a TV without 3D. All of this is in reference to LED TVs.
Don't get this confused with 600Hz plasmas which use subzones to refresh the screen that fast. Current 600Hz plasmas are however much better overall than LED TVs in my opinion. This might change in the future but the color and detail on todays 600Hz plasmas is breathtaking and more accurate than the super bright LED TVs.