Our main TV (which would go in the basement for gaming is a plasma) so no dealing with refresh rates. Everything I have read says 120 is what you want minimum on an LCD/LED.
http://www.cnet.com/news/what-is-refresh-rate/
I used to obsess on all the stats and even understood most of them at one point. I think 9 times out of 10 sitting 10+ feet back on a 50 to 55 inch TV most people can't tell the difference. Or the difference is pretty subtle. On a larger screen and sitting closer you can certainly notice things a lot more. The wacky motion stuff I have noticed on cheaper TVs though.
I need to buy a stand at minimum to go with the new TV in the living room so dropping $1000 on 55" 4K TV and sitting 12 feet back watching mostly 1080p content isn't as appealing to me then maybe going with a decent 1080p set and with the money I save buying a nice stand and maybe a sound bar (again this is the living room).