120 Hz
The refresh rate of the display is separate from PWM. PWM flickers the LED On/Off rapidly to make it seem dimmer. They need higher frequency PWM to reduce eye strain.
The refresh rate is how many times per second the image refreshes. So when you do an action like scrolling for one second. You'll see the image change slightly 120 times instead of 60. Tricking your mind into thinking it sees more fluid movement.
Note that even if the new display is 120 Hz. That doesn't mean there won't be any ghosting. Where a moving image appears to streak. As there's a delay (response time) for the pixels to change colors. Although I suspect Apple's display will also have a low response time.