Para mi tampoco hay diferencia (en LCD)
A ver segun wikipedia:
Much of the discussion of refresh rate does not apply to the liquid crystal portion of an LCD monitor. This is because while a CRT monitor uses the same mechanism for both illumination and imaging, LCDs employ a separate backlight to illuminate the image being portrayed by the LCD's liquid crystal shutters. The shutters themselves do not have a "refresh rate" as such due to the fact that they always stay at whatever opacity they were last instructed to continuously, and do not become more or less transparent until instructed to produce a different opacity. Most of the TFT LCDs used in portable devices and computer monitors need a continuous refresh. The driving voltage determines the transmittance of the liquid crystal.
The closest thing liquid crystal shutters have to a refresh rate is their response time, while nearly all LCD backlights (most notably fluorescent cathodes, which commonly operate at ~200 Hz) have a separate figure known as flicker, which describes how many times a second the backlight pulses on and off. However they also have a refresh rate that governs how often a new image is received from the video card (often at 60 Hz).
En los CRT si teniamos una baja frecuencia de refresco, podriamos sufrir de flicker (parpadeo) lo que causa fatiga ocular

(Es dificil verlo en fotos)
Lo que si sufrimos los que usamos LCD, es tearing
El tearing se soluciona activando Vsync (sincronizacion vertical), pero baja fps, a menos que actives triple buffering, que los sube un poco.
El flicker en CRT se soluciona subiendo la frecuencia de refresco
Tengo entendido que la frecuencia no afecta los fps debido a la manera en que el monitor LCD representa las imagenes (abriendo o cerrando pixeles donde se necesita, por delante de una pantalla retroiluminada) a diferencia de los CRT que bombardean electrones, linea por linea sobre la pantalla de fosforo, lo que hace que se ilumine el pixel)
Un pelo mas de info muy interesante, me doy cuenta que yo tambien tengo que leer, es un tema complejo
http://amo.net/NT/02-21-01FPS.html
http://forums.overclockers.com.au/showt ... p?t=207135
http://en.wikipedia.org/wiki/Refresh_rate
http://www.tomshardware.com/forum/52152-3-refresh-rate