I apologize for my tone! You made a totally reasonable assumption, but LCDs don't work that way.
A 120hz LCD always refreshes at 120hz, essentially[1]. But it can easily display 60hz content - it just display each frame twice in a row. Same with 30hz (display each frame four times in a row) or even 24hz (display each frame five times in a row) content.
But suppose you were, say, trying to display 119hz content on a 120hz monitor. You'd have to display the first 118 frames for one LCD refresh interval, and then display the 118th frame for two intervals, which causes judder. Or you could blend all of the frames together and simulate a 120hz source (this is "pulldown").
But I see no inherent reason why a 30Hz display cannot also
refresh at 24Hz, especially when the 30Hz limitation seems to
be due to the display connector's bandwidth.
If Dell's 5K monitor has a 120hz refresh rate, it could indeed display 24p content smoothly because, as you say, the display connector's bandwidth would be sufficient.
But Dell's 5K monitor almost certainly is a 60hz panel (else they would have trumpeted the fact that it was 120hz!) and 60hz isn't evenly divisible by 24, so you get judder or have to do pulldown.
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[1] nVidia's Gsync is one possible solution
http://www.anandtech.com/show/7582/nvidia-gsync-review