It is supposed to do a lot of things. Like remove motion blur, remove judder from movies, etc. But, it looks more like a first generation attempt. Different manufactuers seem to have different results with different material.
Ideally it would detect 24p material in the 60i/p material, extract it and show each frame 5x for 120HZ. It would also take 24p material and show each frame the same number of times (some do 2x, 3x, or 5x). It would take 60i/p video and interpolate intermediate frames at 120HZ to smooth out motion.