I play allot of fps games and I have thought of upgrading to a 120hz+ monitor such as the http://www.amazon.com/VG248QE-24-Inch-Screen-LED-lit-Monitor/dp/B00B2HH7G0/ref=sr_1_1?ie=UTF8&qid=1368322558&sr=8-1&keywords=144hz
You understand the trade-off with 120hz? They tend to be lower quality panels. I personally prefer IPS panels. Though, I play FPS games, I also like a cinematic experience. Only you can decide if 120hz is worth it. You could buy one panel now and hook up a second panel at a later time. Have the best of both worlds
I understand the colors are not the best the higher the overclock the panels.
Basically, what I am trying to say is it is down to your individual preference. All you can do is make an informed decision. People who prefer 120hz panels will tell you that the game looks fluid and that will improve your gaming experience. If you're not drawn to IPS panels, and you can afford a 120hz panel, then by all means get a 120hz panel. Anything that adds to your gameplay experience cannot be a bad thing