the short answer is "it depends". What is your primary purpose?
If you watch mostly bluray and Netflix 60Hz is fine. If you watch mostly live sports 120Hz might be marginally better. If you play games 60Hz is better mostly because whatever processing the tv does to make up the frames at 120Hz will just add lag and other issues to games.
Some people (I'm one) don't like the faster refresh rates as it creates what is called "soap opera effect". Some people don't notice it but for people like me it is like nails on a chalk board. Regardless of brand, go to any big box store and look at any 60Hz vs 120 or 240Hz model and see if you even notice. If not then it is fine.
But regardless, Philips just isn't a high quality brand. These are all "budget" TVs but I would always take a Sony or Sharp over a Philips or RCA or other similar brand.