Tons of misinformation and ignorance going on in this thread.
Long story short, 120Hz does make a difference for 2D
I have a similar setup, but with a BenQ XL2410T and a Dell U2711
I got the U2711 for work first and play second, but ever since going to 120Hz I
never game on my U2711 anymore, even for my games that have an artificial frame rate cap @ 60fps. Its not just superior motion clarity, its also night and day superior when it comes to input response time.
Granted, I'm probably a 99th percentile gamer, so just like with CPU/GPU bottle-neck balancing, that could be used to describe the analogous human/human-interface-device balancing. If you're not an exceptionally skilled gamer, you probably won't benefit from the difference, although I guarantee the vast majority would be able to successfully identify a 120Hz game in motion vs. a 60Hz in a "pepsi challenge"
Some problems with 120Hz:
1. it arguably requires a higher end rig than driving a 2560@60Hz monitor to push frames high enough to enjoy the refresh rate advantage to its fullest. Granted, the savings from going with a 23-24" 120Hz monitor instead of a 2560 27-30" monitor could easily be put into the hardware necessary to properly drive it.
2. 120Hz is also a more foreign concept in regards to software support, some games will simply try to force a 60Hz refresh rate with no alternative refresh rate options at all, or don't have an official setting for up to 120Hz , requiring setting up a driver profile to override it. For instance, Dead Island, for whatever reason, only goes up to 100Hz, but a quick edit in my nVidia control panel driver profile (there's an option to force use of the monitor's highest refresh rate) which successfully overrode it and the game will run 1920x1080@120Hz as verified by my monitor (although even at 100Hz its
clearly superior to 60Hz)