60HZ or 120HZ What do I really have ?

Any information you see on your screen is showing you the resolution of the incoming signal, the signal the tv is receiving. Your tv, as well as any other HD tv, can display only at it's native resolution all the time. In your case, 1080p, 120 hz. The tv upconverts any incoming signal to it's native resolution.

Many manufacturers say a 120 cycle refresh rate to help the slow response of an LCD TV. I fail to see the difference. At 60 or 120 cycle, it does not come near a plasma response time, meaning no blurr or lag on fast motion, and great viewing angles. (Alll cable and broadcast stations are in 1080i NOT 1080p.)... The only 1080p is if you have a Blu Ray HD DVD player or a PS-3 game device.

There are two things that you should know , One the frequency for electric and other the electronic frequency of REFRESH of the TV .

Frequency of electricity in India is 60Hz while in US its 50 HZ , so your TV will be designed for say 220v 60hz in India.

Frequency of REFRESH rate of TV is electronic frequency , this is the rate of refresh of the screen which is 120Hz fo your tv model and costlier TV goes upto 400Hz - means faster refresh can capture HD transmission movement clearly (sports specially)

So your TV rating and HDMI rating is correct and you need not worry