120hz allows for 3d but also provides a smoother picture in fast paced games, mostly first person shooters.
IPS don't (generally) do 120hz.
Ips will provide much better colours and images, they have a better resolution for working browsing and gaming (1920x1200) meaning you have more vertical screen space and MUCH better viewing angles.
Look up some reviews to get a better idea of what they provide
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