I believe (and I could be way off the mark here) there are two modes, one is a kind of frame smoothing to achieve a 'fake' 120Hz similar to what you see with mo

I believe (and I could be way off the mark here) there are two modes, one is a kind of frame smoothing to achieve a 'fake' 120Hz similar to what you see with modern LCD TVs, the other is actually 120FPS which is accomplished by dropping the graphics quality down. You're not going to see Uncharted 4 doing 120FPS natively in PSVR.