We just bought a 50" 120hz 4K TV. It's quite nice, but I'm getting some input lag and Motion Blue (Which I think is a problem that's isolated to the TV). I was wondering if HDMI 2.0 is worth switching to, or possibly fix the issue.
It won't fix those issues. For cable purposes, there is no latency that you can detect. It could have a 10 second latency between the cable and what you see, but it doesn't matter as you don't respond to anything other than how long it takes "play" to start. Ghosting and motion blur is a tech issue on the TV itself. Your PS3 is going to play at 1080p or lower, so again, it won't matter. Your PS3 doesn't even support HDMI 2.0, so it would just use HDMI 1.3 or 1.4.
Oh, and btw, there is no such thing as an HDMI 2.0 cable. There are just high speed and normal cables. As long as you have a high speed cable, there is nothing stopping you from using the HDMI 2.0 connection, but given the devices you have, it shouldn't change anything.