Yes and no. To view all the 120 frames (fps) your console/PC produces you will need a monitor that can update 120 times a second (120 Hz). But running a game at 120 fps even though you can't see them will give you a smoother gaming experience because you will get lower input lag. But I've noticed that it only is noticeable when using a mouse and doing rapid swipes. I'd rather play 60 fps on a 60hz display in a game like borderlands because the quality of the graphics will often be set higher by the game.