Refresh rate is basically the number of "pictures" that are created per second. One of the biggest things that has hampered LCD is the response time of the actual pixel element. In other words how fast it can turn on and off. Where this shows, is a ball flying across the sky, is it a ball, or a comet (with a tail) so, what the technology is doing is making more pictures (frames) per second, to try to increase the accuracy, so it is shown as a ball, not a comet. Refresh is again one of the bullet points like 1080 when it 1st came, that sets are focusing on, that is not always "better" just because is it a bigger number, remember the bigger the number (resolution or refresh etc) the harder it is for the video processor to upconvert. Plasma's response time is NEVER mentioned because it has always been VERY fast, but you see the spec mentioned in all LCD specs. As for Blu Ray, obviously, the better the native signal is, the easier it is for the processor to convert the signal, giving a better picture.
The moral of the story, is that is is possible to have a better picture out of slower response and resolution set than one with the higher resolution, refresh rate (note, most everything is 1080 at this point, but the next resolution bump is never out of the question)
Could you please illuminate on the effect of the 'refresh rate' you mentioned e.g. 120Hz vs. ?. Baseline on a 50" or 52" LCD and type of viewing e.g. sports programming and/or Blu ray disk viewing - if it matters.
Thx.