Will a 480Hz refresh rate really make a difference? I have no idea; I'll wait until I see it at the show to make that decision. I do know that there is a difference between 60Hz and 120Hz, so maybe LG is on to something.
LG Display's "scanning backlight" is the technology that enables a backlight to be repeatedly turned on and off to reduce motion blur. When combined with the company's 240 Hz technology, the display can refresh 480 images per second.
LG says sets using the panel are set to hit the market in the second half of 2009. The goal of the 480Hz refresh rate is to eliminate motion blur that is very common in many of the HDTVs on the market today. If you have a LCD HDTV, you have seen the motion blur when things get blocky during fast action like races.
Via this LG Display announcement