Seriously, the 120Hz refresh rate is wasted unless the HDTV can accept a 1080p/24 signal (120 is divisible by 24) to achieve as seamless a chain between source (probably a Blu-ray or HD-DVD player) and display. Too bad for JVC that I've already moved on and got me a 47" Olevia 747i LCD, couldn't wait. Nmlobo, do I take it you're about to dump your faithful LT-40FH96 TV that has served you so well for the past two years and upgrade to JVC's latest model?
As Nmlobo mentions above, 24p input is unnecessary to eliminate cadence-based judder, so long as the display has video processing that correctly performs inverse telecine. For newer posters that may not understand, inverse telecine is the process by which a display reconstructs the original 24p source from a 1080i60 or 1080p60 input. Done right, it's a lossless process.
Once that 24p source is obtained from the 1080i60 signal with inverse telecine, a 120Hz display can multiply each frame by five (5x24=120) to eliminate cadence-based judder.
Processors like the Silicon Optix Realta can correctly and reliably reconstruct the 1080p24 source from a 1080i60 input. That said, with the poor video processing found in most 2006 displays, you won't get reliable inverse telecine. Since most manufacturers want to stick with low-end video processors -- the equivalent of integrated 3D graphics in PCs -- actual 24p input on a 120Hz panel (5x24) is probably the easiest and most cost-effective way to eliminate cadence-based judder on Blu-ray. Of course, 24p input capability does nothing to eliminate cadence-based judder on broadcast and cable programming. For that, you need a display with video processing that correctly performs inverse telecine.