When you send an LCD 75 Hz, it is discarding every fifth frame (60/75=.8, LCD (least common denominator): 4/5=.8).
(highlight indicates frame removed by LCD's processor)
60 Hz transmission: AA BB CC DD AA BB CC DD
75 Hz transmission: AA BB CC DD EE AA BB CC DD EE
So when you send 75 Hz to an LCD today you will actually get an image that jitters.
What is common called a "120 Hz" LCD is one that inserts a black frame (BFI) or strip in a 60 Hz signal.
(XX indicates a black frame)
60 Hz transmission: AA BB CC DD AA BB CC DD
60 Hz transmission (with BFI): AA XX BB XX CC XX DD XX AA XX BB XX CC XX DD
The XX frame lasts for 16.6 ms, that's enough time for your eyes to wipe themselves of the last image. That results in an image with less blur/afterglow effect. Your retinas are at work here creating blurriness and CRTs scan the screen out with black every 16.6 ms (@ 60 Hz). The BFI (black frame insertion) technology turns off the backlight for 16.6 ms. (one frame). This does decrease overall brightness since the backlight is being modulated like this (not really a problem since LCDs are very bright to begin with).
BenQ's BFI tech actually is a strip of 16 backlights on the back of the panel. Each of the 16 is blanked out consecutively to emulate the raster scanning motion of a CRT. And, plus when only a portion of the image is being flickered, the effect isn't nearly as noticeable as the whole screen flickering.
Whether true "120 Hz" LCDs (ones that take in 120 frames per second) will arrive is unknown. But that term most common refers to the above technology (BFI).