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42" Vizio SV421XVT : Is this 240Hz or 120Hz or 60Hz?

Just got a new 42" Vizio SV421XVT and have a question for technically savvy people that may be familiar with Vizio's....
- I received the TV this week; feeding it Dish 1080i vis HDMI
- When i look at the System Info, it shows "V.FREQ = 60 Hz". Should'nt the TV be showing 120 Hz or 240 Hz?
- Also, System info shows Progressive = Off . is that normal?

What am i missing?

Any guidance will be appreciated.