Refresh Rate is the only bonus you get with that...
Unless you play only Quake 3 or similar shooters and like to watch movies in 3D - you get no other bonus, yet being TN you get some disadvantages like those related to viewing angles and color reproduction...
So yeah, the direction you're aiming is subjective - if coming from a CRT... If you don't care about viewing angles and color reproduction yet RR is very important then yeh, even a crappy TN panel with 120 Hz could be good enough...
It's same with audio - since usually gamers with those needs in terms of monitor, are interested in footsteps direction - and aim for Razer or similar products, wile those that care about sound quality go for AKG, ATH, Sennheiser, Beyerdynamic or similar products.
As mentioned above - with a 120 Hz capable IPS - I was expecting to get all advantages, that's why I was a little interested in it... A little, since IPS far from perfect - being aware of that, after I witnessed live both SED and OLED - yet, 1'st technology is "in the air" wile next is very expensive - has shorter life and not many models available being still new in this market. Here's a recent model from LG:
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