The "point" of 120Hz screens are for 3D, which would give you 60Hz per eye. In actual fact, as you said that screen is great for 2D. A lot of people over at HardOCP have it, and the 750D model actually, and like it a lot.
The general consensus is that is not as good as a CRT, but is about the best 120Hz screen you can get, at the moment. The only problem with it IMO is that it isnt 2560x1440 at 27", but that is partly a bandwidth problem too, I understand also that that resolution would be hard to drive at 120 fps.
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