Actually 120Hz screens already exist and some people swear by it + 120FPS.1080p is just another resolution, which the commonality changes over time. 60+fps will always be golden. And lots of games look amazing sub 1080, especially with 60+fps.
As for me, I always run games on my native resolution, even if it means dealing with 20FPS, now that I think about it. Then again my laptop res is only 1366x768 anyway, and it also depends on the game. I'm usually happy to set everything (textures, effects, shaders etc) to the lowest possible setting if that means I'll get a better framerate, but always on 1366x768.