Yep. It can be turned on/off via the monitor menu and works on amd/nvidia...

It's (optionally) also very tweakable by third party utility. I have an XL2720Z and BENQ Blur Reduction (Version 2) is better than LightBoost -- it is adjustable with the new Blur Busters Strobe Utility.

The page links to installing V2 firmware on all "Z-series" (BENQ XL2411Z, XL2420Z, XL2720Z) or verifying the monitor you obtain will already have V2 firmware installed.

I've put together a nicely formatted list of 120Hz monitors:

Useful List of 120Hz and 144Hz monitors

Overclockable 120Hz Monitors
- QNIX QX2710 Evolution 2 ...... 27″ 2560×1440 ~90Hz – 130Hz
- X-Star DP2710 ...... 27″ 2560×1440 ~90Hz – 130Hz
- Overlord Tempest X270OC ...... 27″ 2560×1440 ~90Hz – 130Hz
- Overlord PCB Upgrade ...... 27″ 2560×1440 ~90Hz – 130Hz
- Catleap 2B ...... 27″ 2560×1440 ~120Hz
- Certain HDTV televisions .... HDTV Refresh Overclocking HOWTO: 120Hz television as a monitor

LightBoost 120Hz Monitors
has the LightBoost strobe backlight that can eliminate motion blur, see LightBoost HOWTO
- ASUS VG248QE ...... 24″ 1920×1080 144Hz
- ASUS VG278H ...... 24″ 1920×1080 120Hz
- ASUS VG278HE ...... 27″ 1920×1080 144Hz
- BENQ XL2411T ...... 24″ 1920×1080 144Hz
- BENQ XL2420T ...... 24″ 1920×1080 120Hz
- BENQ XL2420TX ...... 24″ 1920×1080 120Hz
- BENQ XL2420TE ...... 24″ 1920×1080 144Hz
- BENQ XL2720T ...... 27″ 1920×1080 120Hz
- ACER HN274HB bmiiid ...... 27″ 1920×1080 120Hz

Samsung 120Hz Monitors
has a strobe backlight that can eliminate motion blur, see Samsung Zero Motion Blur HOWTO
- Samsung S23A700D ...... 23″ 1920×1080 120Hz
- Samsung S23A750D ...... 23″ 1920×1080 120Hz
- Samsung S23A950D ...... 23″ 1920×1080 120Hz
- Samsung S27A700D ...... 27″ 1920×1080 120Hz
- Samsung S27A750D ...... 27″ 1920×1080 120Hz
- Samsung S27A950D ...... 27″ 1920×1080 120Hz

Other/Older 120Hz Monitors
- ASUS VG236H ...... 23″ 1920×1080 120Hz
- ASUS VG236HE ...... 23″ 1920×1080 120Hz
- BENQ XL2410T ...... 24″ 1920×1080 120Hz
- ACER GN245HQ, GD245HQ ...... 24″ 1920×1080 120Hz
- ACER GD235HZ ...... 23″ 1920×1080 120Hz
- ACER HN274H bmiiid ...... 27″ 1920×1080 120Hz
- Alienware AW2310 ...... 23″ 1920×1080 120Hz
- Planar SA2311W ...... 23″ 1920×1080 120Hz
- LG W2363D-PF ...... 23″ 1920×1080 120Hz
- Viewsonic VX2265wm, VX2268wm ...... 22″ 1680×1050 120Hz
- Samsung 2233rz ...... 22″ 1680×1050 120Hz
- Viewsonic V3D245 ...... 24″ 1920×1080 120Hz

(List taken from List of 120Hz monitors)

Some good news:

Easy LightBoost via a hotkey!
-- ToastyX has released a new LightBoost utility called Strobelight that allows you to turn ON/OFF LightBoost very easily.
http://www.blurbusters.com/easy-lightboost-toastyx-strobelight/
This allows you to enable LightBoost easily -- with no framerate loss, no Control+T needed, no 3D Vision drivers needed, no registry tweaks. Much simpler. IMPORTANT: In strobelight-setup.exe make sure you install all the refresh rates you need (e.g. 120Hz strobed and 121Hz non-strobed). You need to install both modes in order to be able to easily turn ON/OFF.

Also, there's another List of 120Hz Computer Monitors
This includes overclockable monitors, plus older 120Hz monitors, plus LightBoost-compatible monitors

The difference between 120Hz-vs-LightBoost is much bigger than the difference between 120Hz-vs-144Hz.

http://www.blurbusters.com/wp-content/uploads/2013/06/motion-blur-graph.png

There's a new LightBoost utility via BlurBusters -- ToastyX Strobelight -- that allows easily turning ON/OFF LightBoost on a hotkey.

Make sure you run strobelight-setup.exe and add BOTH a strobed mode and a non-strobed mode, however. I recommend adding: 120Hz(strobed), 100Hz(strobed), 144Hz, 60Hz. Then strobelight.exe just runs in the background.

Hit Control+Alt+Plus to turn ON LightBoost
Hit Control+Alt+Minus to turn OFF LightBoost

http://www.blurbusters.com/wp-content/uploads/2013/06/strobelight-setup.png

http://www.blurbusters.com/wp-content/uploads/2013/06/strobelight.png

Strobed brightness (LightBoost % setting via monitor OSD) also affects motion clarity. 10% is dimmer but has clearer motion. 100% is brightest but may add a tiny bit of motion blur. 50% can be a great compromise setting.

BTW, I assume you have the "3D Stereoscopic" checkbox disabled (Very important detail).

Yeah, there is a very, very minor tradeoff leftover even with the lowest-lag LightBoost method. (I wonder if different models of LightBoost monitors has different differentials between LB/non-LB)

Some people play better with it, others without it. Often the reduced human brain lag compensates (faster reaction time without motion blur). The LightBoost benefit tends to maximize itself if you can run at >120fps (e.g. remove your frame cap and run at 300fps). This maximizes the LightBoost advantage as much as possible.

Not everyone gets better scores with LightBoost, but some people do.
This isn't Team Fortress scores, but Battlefield scores of two different people (from this page).

http://www.blurbusters.com/wp-content/uploads/2013/04/bf3stats_dr1pper.png

http://www.blurbusters.com/wp-content/uploads/2013/04/bf3stats_immetjes.png

Your mileage may vary; you may prefer 144Hz, or you may prefer LightBoost blur elimination. It all depends on your gameplay styles. Some people have CRT gameplay styles (e.g. circle strafing, shooting while running sideways, shooting while turning without stopping turning during shooting, etc) which is harder to learn on LCD because of motion blur; but other people can compensate for the minor motion blur of 144Hz.

For minimal input lag, definitely make sure you have extreme frame rates (big impact on input lag) & ultra smooth mouse fluidity, regardless of whether you have LightBoost or not.

It's a matter of personal preference and gameplay styles.

Raise the LightBoost setting to 50% or even 100% as a compromise.
Even 100% still has a lot less motion blur than 144Hz.

The Samsungs have too much input lag during their strobe mode, so it's not worth it on those models. The LightBoost monitors have much less input lag, especially with the ToastyX method. For best colors during LightBoost mode, try the ASUS VG278H or the BENQ XL2720T (new drivers improved LightBoost colors on the XL2720T).

I agree, more manufacturers need to focus on this type of feature, and make it easy to enable, as there is a great deal of potential. Also, post in nVidia GeForce Forum: Make LightBoost easy to enable as AA or VSYNC ON/OFF. nVidia employees read that thread.

I prefer the VG248QE, however, I acknowledge XL2420T does have better color if that is what you prefer.
1ms is really just a drop in the bucket in the whole input lag chain:

http://images.anandtech.com/reviews/video/inputlag/longlag.png

http://images.anandtech.com/reviews/video/inputlag/bestcase.png

You are better off worrying about GPU than the 1ms-vs-2ms difference. Running just 1fps faster, reduces your input lag by more than 1ms. (50 frames per second creates 25ms framebuffer input lag, while 60 frames per second creates 16ms framebuffer input lag).

That said, the 1ms does create a cleaner LightBoost motion effect.

Adjust color via nVidia Control Panel, or use NCX's .icc file. Use cpkeeper to force the colors into Team Fortress 2, and viola -- the purple tint is gone! Or just get the BENQ XL2720T or ASUS VG278H, which doesn't have VG248QE's purple tint issue.

Depends on how sensitive you are to motion blur. There are points of diminishing returns. For me, it's bigger jump between 120Hz->LightBoost, than it was from 60Hz->120Hz for my eyes. However, not everyone sees the improvement. If you run at a frame rate matching or greatly exceeding refresh rate, the motion clarity improvements can become quite significant when you play the "Scout" character.

For sharper motion clarity, adjust your LightBoost % setting to 50% or 10%, via your monitor's menus. (Lower % is dimmer, but has sharper motion) Here's a comparison:

http://www.blurbusters.com/wp-content/uploads/2013/06/motion-blur-graph.png

Obviously, this chart was created for VSYNC ON motion -- not good for Team Fortress 2 since VSYNC OFF reduces lag, though microstutters can re-add a little motion blur back. Microstutters dull the comparision somewhat, but the point remains -- ultimate motion clarity occurs at LightBoost=10% (though too dark for some people).

If you follow the new ToastyX "lightboost.bin" method (and disable the 3D steroscopic checkbox), and you turn VSYNC OFF, you will reduce your LightBoost lag further. At this point, I can no longer feel the input lag anymore. At this point, LightBoost benefits significantly outweighs the drawbacks.

You must have a good 1000Hz mouse to get the maximum LightBoost benefit, though:
1. Test strafe left/right with keyboard
2. Test turn left/right with mouse
If your mouse is not as smooth as keyboard, you need to upgrade to a 1000Hz gaming mouse. When playing at 120Hz, especially LightBoost, your mouse (stutters) can become the the weak link in motion fluidity. Also, raise hardware mouse sensitivity AND reduce in-game software mouse sensitivity (should be 5% or 10% setting in Team Fortress 2's menu), to fix mouse stutters. Then your mouse is buttery smooth, like holding down a key to move.

After fixing the mouse, the LightBoost fluidity improvement feels like a MUCH bigger jump.

There's also a new LightBoost FAQ which covers a lot of great details.

When I adjust LightBoost via monitor OSD menu from 100% down to about 50%, the motion becomes even clearer. (If you prefer a dimmer image, you can adjust it down to as low as 10%, don't use "OFF"). It adjusts the length of the stroboscopic backlight flashes between 1.4 milliseconds to 2.4 milliseconds.

LightBoost set to 100% = 7x clearer motion than 60Hz
LightBoost set to 50% = 10x clearer motion than 60Hz
LightBoost set to 10% = 12x clearer motion than 60Hz (too dim though)

I get reduced input lag if I follow these instructions:
http://www.blurbusters.com/zero-motion-blur/lightboost/

TIP: Improving Convenience, Stability & Eliminating “Control+T”:
First, verify LightBoost is working by verifying for reduced motion blur, and Step 4 was already followed. Next, you can make LightBoost “stick” by going to nVidia Control Panel and disabling the “Enable Stereoscopic 3D” checkbox (see Step 8 above). If the screen did not flicker when doing this, LightBoost is still enabled even after disabling 3D!
- Games launch in 2D without needing Control+T
- Driver stability is improved in this mode, less freezing occurs.
- VSYNC OFF now works much more reliably, reducing input lag.
(Note: Some games may automatically switch resolutions; make sure it stays at 120 Hz)

No. It's a built-in feature of the monitor normally used for 3D but apparently useful for 2D. LED's have no wear-and-tear during switched operation.

There's a solution:
http://www.blurbusters.com/zero-motion-blur/lightboost/

TIP: Improving Convenience, Stability & Eliminating “Control+T”:
First, verify LightBoost is working by verifying for reduced motion blur, and Step 4 was already followed. Next, you can make LightBoost “stick” by going to nVidia Control Panel and disabling the “Enable Stereoscopic 3D” checkbox (see Step 8 above). If the screen did not flicker when doing this, LightBoost is still enabled even after disabling 3D!
- Games launch in 2D without needing Control+T
- Driver stability is improved in this mode, less freezing occurs.
- VSYNC OFF now works much more reliably, reducing input lag.
(Note: Some games may automatically switch resolutions; make sure it stays at 120 Hz)

One very important thing is you REALLY need to run at 120fps @ 120Hz to get true LightBoost benefit.
If you're usually running at only 60fps, LightBoost isn't worth it (doesn't look smoother); running 60fps@120Hz feels more like 30fps@60Hz due to the CRT style double-image effect.

The "CRT clear motion" effect of LightBoost really only shines if fps equals Hz (e.g. 120fps @ 120Hz) or exceeds it, in case of VSYNC OFF.

Some benefits start to show at about 80fps, benefits become clear at 100fps, and stunning at 120fps.
-- May need to reduce your detail level if you don't have GTX 660-league card or better for TF2
-- You also need to get your microstutters under control;
-- A good gaming mouse help prevent mouse from becoming a stutter limitation;
-- You may need to tweak things to make VSYNC OFF smooth looking (or if playing solo, use VSYNC ON);
Then you've eliminated all your weak links to the "CRT zero motion blur" effect.

LightBoost is a stroboscopic backlight that makes LCD behave like a 120 Hz CRT monitor:
(High speed video at http://www.youtube.com/watch?v=hD5gjAs1A2s ...)
The backlight is turned off between LCD refreshes, to bypass pixel persistence (strobe only on fully refreshed frames, 120 times per second); this makes motion much clearer and looks like a CRT.

Also it benefits faster-motion characters such as the "Scout" character in Team Fortress 2; circle strafing benefits a lot; and fast flick 180-degree turns benefits. You can identify enemies faster during faster motion, because motion blur isn't interfering.