Is it bad that my first impulse was, "great, now I know there isn't a real answer yet!"
I could write a novel and correct a lot of bad info in the topic but I'm being lazy today. The short answer is that what the PS4 outputs is really a non factor.
60 hz tvs in this day and age are being pushed down to the lowest entry level tvs. The refresh rate in and of itself isn't what people should be focusing on. It is the CMS and the other worthwhile controls that allow the user more control of dialing in an accurate picture.
Higher end/mid tier/ and even decent budget sets will many times have better panels or even if the panel is the same better processors and other associated parts that result in better picture quality.
While it isn't set in stone it is getting to the point where 60hz sets are 720p entry level models with the lowest grade parts, least amount of picture modes and controls to calibrate from. There will come a time when they simply cease to exist eventually.
Most gamers that opt for LCDs shouldn't be gaming with any frame interpolation engaged anyway as unlike with movies or tv where it has set frames to interpolate from gaming is rendered live and can cause nasty artifact errors with it.
So from a refresh rate perspective a 120hz tv with no frame interpolation is going to be on the same level as a 60hz tv. It simply repeats the frames to make the math work. It is all the other things that are bringing better picture quality to the table.
PSN ID: sled_dogs76 60" Pioneer Kuro Elite PRO151FD, Yamaha RX-V3900 A/V Receiver, Oppo DV983-H player. Coming soon: 2 Seaton Submersives from Mark Seaton
I like the "soap opera" effect of 120hz HDTVs. I have a 55" Vizio and I noticed at first it didn't look as smooth in motion as my older 42" Samsung. I finally figured out I had to turn off the built in "game mode" to achieve the same effect. So watching Blu Ray movies, especially CG ones like How To Train Your Dragon (or movies that feature a lot of CG like The Avengers) looks amazing. TC, I would recommend a set that has at least a 120hz refresh rate that can output in 1080p. I have seen 240hz in motion and I can't see any difference between it and 120.