The refresh rate on TV's are slightly deceiving, some panels can refresh at 240Hz while others may refresh at 120Hz but flash the backlight at a higher frequency to approximate a 240Hz refresh rate. In either case this does not mean that the TV's are showing the equivalent of 240fps, the actual frame rate will be determined by the source (many consoles run at 30fps and a majority of movies are 24fps). So on a 240Hz tv, the tv is displaying the same frame 4 times (for a 60fps input) or 10 times (for a 24fps input). TV's will also try to guess what is happening between frames and display an intermediate frame, this is the "Smooth Motion" effect. The benefit of the higher refresh rate is that the display can effectively change from one frame to the next faster to reduce motion blur.