Since LCD monitors do not employ phosphors, refresh rate is not a concern. Basically, the transistors in the LCD remain open or closed as needed until the image changes. This can be a point of confusion for some consumers, however, since most graphics cards still "ask for" a refresh rate setting. This is due to the analog nature of existing graphic cards (see "Inputs" section) and their support for CRT displays. While refresh rates do not apply to LCD monitors, most LCDs are set up to accept any settings from 60Hz and above.
http://www.necmitsubishi.com/support/css/monitortechguide/index04.htm
It may be something else than 60Hz but it does not mean automatically that it is better... LCDs work differently than CRTs. What you SHOULD watch is "response time" and lower RT is better here. High RT (something like 20ms) produce visible ghosting that's REALLY annoying when you play games - or just use windows. Go for 16 or even 12ms if you can.