I see the point of having the highest possible framerates in games, but the refresh rate is constant, there's no minimum to think of, 120 is 120, and will allways be 120.
Well put it this way, if you have the ability to display all those extra frames why should you not use it? After all, there will often be times when your framerate increases above 120 FPS. While it doesn't mean that you won't notice a difference at 120 Hz, you'll notice more of a difference with 160 Hz.