60 hertz vs. 120 hertz Refresh Rate?

[wuvhandles]

Hi. Is there any real difference between 60 herts and 120 hertz on the new tvs?
I saved over 1000 on my aquos LC46D62U by getting the regular model (which i assume is 60 hertz, or else they would advertise 120).
And when I say difference, I mean to our eyes, (not just on paper )

When I watch hockey in HD, it looks super crisp to me. I mean I can't complain. I have a 46inch tv and I sit about 10-11 feet away.

When I watch SD though, thats different, the closer I sit, the more I notice pixelization during fast moving pictures. Would more hertz give SD a better picture? Or would it not matter?
Please reply, thanks!