In gaming not really. especially if your monitor only has 60Hz.
The human eye cannot descern more then approx~76 frames a second...
The only advantage would be highly noticed while watching sports... or things like that. 120Hz tvs are common for sports because it provides a smoother appearence, but as i said before, the human eye really cant see more then 76~ FPS. also, if you are gaming, and using a computer, 120 is overkill.. just lock in V-Sync, and save your GPU the work. (longer lastsing GPU and coolertemps overall in your case. if you are using a console... they barely get 60FPS in most games, trying to pull 120 out of it would be unreasonable of the system.