Or, at the very least, that I can personally perceive more than 60fps. It's simply that when I use my laptop, at a 60Hz refresh rate, for very long at night with no other lights in room, generally reading articles over a mostly white screen. When I suddenly close the lid I can perceive a rapid flashing in front of me, the negative of what I was looking, much like those old optical illusions. If the flashing is perceptible, then change at 60Hz is perceptible to the eye, at least subconsciously. I would say that based on this 120Hz refresh rate monitors are useful for something other than 3D and would probably reduce eye fatigue.
Disclaimer: Incoming wall of text! I suck at biology, but you can find (MOST OF) those things I said via the internet if you try hard enough. This is not from one source, but from my memory(PLUS MY CONNECT THE DOT ABILITY). Please correct me if I have made mistakes.
First you have the understand the magic 60hz idea.
If you are presented with two slides, one completely white and one completely black, alternatively, then how fast does the alternation must be for you to perceive them as grey slides and not black and white, and the answer is when they are presented at 60hz.
That is not the same as saying a human eye can not see changes faster than 60hz, we can. What the result indicated was that, playing slides at 60hz will allow our brain to connect those individual slides, forming animation.
However, the test above was a test done really long time ago and there were lots of factors missing which may impact the result were not controlled. For example, the brightness of the room, the size of the display, the angle of the display etc. It was found that we can see the flashing when the display is not right in front of us, or we are not looking directly to the display.
More funny tests were done, like showing a frame with sky, glass and a house continuously and mix one with an ufo in it. Human were not able to detect this frame at first, but interestingly the idea of an UFO somehow got into their mind. So they change the UFO image with an image of coca-cola, and display it every 60th frame, playing it at 60 hz. Surprisingly, no candidates knew they have saw the bottle, but the image was in their brain.
This test was extended to show animation, with the coca-cola frame on every 60th frame. The result is even more interesting, all candidates fail to realize the existence of that slide, but all pick coca-cola when they were offered drink selection. Further test concluded that the slide does not need to show every 60th frame, but once is enough. Depending on what the rest of the animation represents, once is enough to trick us into believe that the image is what we think of instead of what we saw. However, once they were told and shown the coca-cola slide, they were all to detect its existence, even at much faster frequency.
In other words, we can see things happening beyond 1/60th of a second, but since the brain was not expecting the appearance of the image, so it simply discards it as a visual image, but the image itself is registered within the brain. When we were ask about it, the image comes back, but instead of thinking that it is something we just saw, we think of it as something that come across our mind.
As technology advances, we know how our eye functions. Light cause some chemical change in cells within our eyes. It isn't the magitude of change our eyes detect, but the rate of change of those chemicals. Depending on the magnitute of this chemical change, the chemical may not be able to restore to its stable state, and therefore we will see the image after we close our eyes, in the opposite colour.
Further study showed that our eyes actually move without us knowing it. To retine the image in front of us, the eyeball actually move periodically to prevent chemical changes to stop, and therefore losing the image presented by chemical changes. If the image actually moves with the eyeball, then in a few second the image becomes black eventually. To prevent that, we will involuntarily blink to restore the image.
All this lead to the understanding that it was not because we fuse image together when it is shown at 60hz, but rate of chemical changes in our eyes with write lights. Sorry, my chemistry and biology knowledge can't go further.
If you have a fan, or ever watched a fan starting (it was fun to do when I was young, next to singing into it), you will realize that the fan appears to decelerate in the direction it spins, to stop while we know it is spinning, and then accelerate in the opposite direction. Eventually, the blade disappears. That has something to do with the rate of change in chemicals in eyes and how our brain decodes the information sent from the eyes. A disc, containing 7 rainbow colours, will appears to be white if you spin the disc fast enough. Once again, it is the result of chemical changes.
Back to monitor. As you can see the 60hz phenomenon doesn't mean a whole lot when it comes to monitor. In fact, with fast moving objects, we can detect the discontinuation between frames, but we can't say it out as we never knew it happened. All our brain can tell us is that there is something wrong via pain. After a long intense gaming session, we feel tire. Part of it is because of the game, but part of it is the result of things that our brain fail to decode every 1/60th of a second. With 120hz monitor, this problem mostly goes away. Because of this, we are less tired, and since the information sent by the eye makes more sense, our brain are able to detect changes in FPS of a game. After a while, our brain will get used to 120hz and we can simply distinguish the difference between a 60hz monitor and a 120hz monitor in seconds of looking into it.