It's not really a moot point. The TV still operates at 120hz or 240hz regardless of whether or not creative frame interpolation is used. CIF is a feature that is separate from the refresh rate of the display. The use of CIF creates a lousy look to most experienced viewers, but 240hz displays should be able to help with motion blur due to the faster response time of the LCD crystals and electronics in use.
I am a huge advocate AGAINST LG. Their TVs look good, right up until they die within the first few years of use. I have never seen ANY TV with a higher failure rate then LG. So, if you are lucky enough to have one last, that's great. But, with twice the failure rate then the industry, I avoid their displays because saving $100 will cost you $1,000 with them.