There's unfortunately a lot of confusion on this topic. As with many such technologies, the companies do not necessarily do a good job explaining what is actually happening here.
If you look at their generalized description, you'll see it is referred to as:
"24p Real Cinema (24p 5:5/2:2 Pull Down)"
http://www.lg.com/us/products/documents/LG LED TV 55LW5700 Spec.pdf
What's happening here is that for their 120Hz TV's, 24p Real Cinema uses 5:5 pulldown. For their 60Hz TV's, they are using 2:2 pulldown.
http://www.redbearinc.com/LG/pdf/Real_Cinema.pdf
It's a nice feature, but it's pretty disingenuous for them to claim it creates 'a smoother, more cinematic image than any of our competitors' given that many TV's offer similar features.
For some discussions with people hashing out what LG is doing, there are plenty at the usual suspects.
http://www.avforums.com/forums/lg-forum/899876-lg7000-series-real-cinema-tru-motion-modes.html
http://www.avsforum.com/t/1280450/60hz-and-5-5-pulldown
What I'm curious about is what's
really happening for their 2:2 feature. The redbearinc hosted doc actually shows how the 5:5 is implemented, but it does not do the same for 2:2.
While it's possible it is doing a true 2:2 (and therefore has a secondary 48Hz refresh mode), I suspect it's really doing what many PAL TV's do with 24p ... it's hacked into the standard 50Hz mode.
For video processing of a DVD/BD/media file ... it's possible to use a 4% speed up mode so it will run without judder at 50Hz (and most people can't notice the speed up). Many PAL optical drives include such processing. However that isn't typically viable with a live broadcast since you can't 'see into future'. The TV would need to actually buffer frames with on-board memory ... and I doubt it is doing that.