That is the general consensus. However, what were confused about is the actual frame rate and what exactly happens when you enable both 24p mode (Real Cinema) and de-judder/frame interpolation (TruMotion). This is how LG responded to ambizytl:
With LG Real Cinema, every frame is consistently processed 5 times in 1/24 of a second producing 120 fps with TruMotion or 2 times in 1/24 of a second producing 48 fps without TruMotion, thus totally eliminating the judder effect.
I just went back and read KakimotoRift's analysis HERE
and I think he is correct in his resulting framerate calculations when the different modes are enabled.
So to go into more detail in Kaki's post, for 24p sources:
Real Cinema On - TruMotion Off - 5:5 pulldown is applied, so each frame is displayed 5 times, but only 24 individual frames are displayed (so 24fps).
Real Cinema On - TruMotion Low - 5:5 pulldown is applied but double the amount of individual frames are displayed by the motion estimation processing and the intermediate frames that are inserted between the original frames (so 48fps).
Real Cinema On - TruMotion High - 5:5 pulldown is applied, motion estimation processing inserts intermediate frames, then the backlight strobing gives a 240Hz effect essentially inserting another intermediate frame between the original frames (so 96fps).
When Real Cinema is OFF, 3:2 pulldown is applied and TruMotion has the same effect on the frame rate (Off=60fps, Low=120fps, High=240fps).
The frame rate does not have to be a divisible number of 120, but the set always refreshes at 120Hz. The source output rate, however, must be a divisible number of 120, and because 120 is divisible by all NTSC frame rates, the LH90 can handle all sources without any complicated conversions (like 3:2 pulldown).