Mr. Lee is a great director but he's so wrong, on so many levels on this one, I don't know where to start. I think by now its been proven that audiences don't like High Frame Rates... They don't even like 30FPS, let alone 120 FPS.
Lets first take 3D. It has come and gone at least three times already in the history of film and the reason is clear. It will never be the generally accepted format until they can do 2 things.
#1. (As someone already pointed out) It needs to be projected in a hemispheric format with no frame because a frame destroys the illusion.
#2 (and perhaps more significantly) It will NEVER be THE format until you can get rid of the glasses. Audiences don't like the grimy glasses and the headaches they create. In a film-making sense, there are things that just don't work in really good 3D. Close-Ups for instance, They don't look like close-ups anymore, they look like giant things, If you've ever gone to an Imax screening and see a close up... it's weird.
RE: High Frame Rates - I don't think anyone wants the 6 O'Clock news look for motion pictures. High frame rates get rid of blurs. Blurs are your friend. (Learn it, know it, live it (Judge Reinhold -Fast Times at Ridgemont High") Blurs ad smoothness to the image. The higher the frame rate the closer to reality. Motion pictures are not, and have never been, about reality but are about varying states of dreams. The best motion pictures carry you away from reality and imbed you in that dream. 24FPS is magic..... Don't destroy the magic....