I think this is one of those situations where it's best to see it in person. The 60hz vs 120hz vs 240hz debate was blown out of proportion. No matter what the spec sheet says, I like to see it with my own eyes and compare that way.
I totally agree, I purchased the 47" version a while back and it is a beautiful set, very bright colors, no issues with motion. I think it is unfortunate that LG misrepresented the facts, but it doesn't take away from the fact that the picture quality is still great for a low-priced tv.