Well what im saying is that even if it could transfer more data its pointless because A). Your TV will not except it and B). The xbox or PS3 is not designed to output it.
Your TV's 120hz capability is all done internally. All its doing is doubling each frame to give an illusion of less judder. Thats why its 120hz. Most Hi Def content is at 24hz or 60hz. It doubles it to 120hz. Both 24 and 60 is a multiple of 120.