Originally Posted by Archngamin
The answer is to go to a store that has both and compare for yourself. Monitors (unlike many computer parts) can be test driven. If you are new to the differences between IPS and 120hz I suggest you go find out for yourself what your eyes desire more.
This would be very wise.
I can say from personal experience that a 120hz monitor enhances a gaming experience (especially fps games) greatly because of the smoothness/fluidity the greater number of frames per second gives you. However, maintaining 100fps or more with the latest games at the highest graphical settings will end up costing you more in the long run (that is if you don't want to sacrifice some eye candy in the game settings).
On the other hand, an IPS panel makes the picture on your screen look stunning. Especially when you are watching HD movies, you'll notice quite a difference due to color accuracy, clarity, etc. The viewing angle is actually quite important IMO when watching movies if you don't want to be sitting in you desk chair. My 120hz monitor is truly awesome, but the viewing angle can be quite a pain when I'm trying to watch a movie from my bed.