With the exception of really inexpensive HDTVs (which might use TN panels) most use S-PVA panels. LG typically uses S-IPS panels in their LCD monitors; at least on the higher end. For example, my LG 47LH90 uses a S-IPS panel and has full array LED backlight which allows for local dimming. Local dimming allows for sections of the backlight to be independently controlled.
"Immensely" superior can be somewhat subjective. Generally speaking, monitors / HDTVs with a glossy coating makes the colors "pop", but that means the screen is highly reflective (as in mirror). I don't like seeing reflections on my monitor / HDTV and the colors are simply oversaturated.
120Hz HDTVs uses internal processing to give movies that "live" look; kinda like a soap opera. 120Hz monitors and 120Hz HDTVs operates differently. According to a friend of mine who has a 240Hz HDTV, it kinda gives that a simple 3D-ish effect on top of the "live" look. All this is done internally by the TV's video processor it does not mean these HDTV accept 120Hz / 240Hz inputs. For games it creates input lag which makes sense since it takes time to process video. Gaming on any HDTV should be done in 60Hz mode.
Sony's high-end LCD HDTV uses RGB LED backlighting. That means instead of simple white LEDs used for backlight, the light from RGB LEDs is actual created by the combinate of Red, Green and Blue sub-LEDs. Together at the same intensity they create white; they can also create warmer or cooler whites for atmosphere.
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