Most TN panels claim 2 ms that's 500 fps. Most IPS claim 6ms that's 170fps. Most people have a built in reaction time of 100ms(the range is 80 to 150).
All that fast response time is really only good for is keeping the image from being blurry while moving. Input lag how fast a panel responds to your input, this is far more important.
In general the lower a panel's response time, the higher its input lag. This might seem counter-intuitive, but the reason is that most panels use something called "overdrive". An over driven panel looks at the current frame and the next frame and tries to over shoot the target color.
If the pixel is white, and the next image is gray, then the panel tells it to turn to black. The idea being that the white pixel will pass through gray on it way to black, faster than it would just turn to gray, if gray was the target.
The panel guesses when this will happen and times it just right, so that it tells the pixel to turn gray just as it is passing through to gray. Some panels get this wrong, and you see a dark trail behind moving objects where the panel has overshot gray.
Anyway, this is all fine a good, and it makes moving images sharper, but it has the downside that the monitor has to buffer two frames so that you are always one frame behind. In other words over-driven panels have an extra 16ms of input lag.
A 120hz panel displays new frames twice as often so the overdrive lag is only 8ms.
Anyway the effect of this is that it's much more pleasant to game on an IPS monitor(due to the better color) , but you will be more competitive on a 120hz tn.