Yes, you read that headline correctly. The ROG blog is teasing the PG248Q, an upcoming 24.5" monitor in the Swift series with a staggering 240-Hz refresh rate. That refresh rate isn't achieved through overclocking; it's a native, standard refresh rate for this 1920x1080 display.
To achieve that speed, the monitor is based on a TN film panel. As a result, it won't have the viewing angles or color reproduction of some of its peers equipped with fancier (but slower) panel types. Buying this monitor to look at still images is completely missing the point, though. Besides, some recent TN panels have largely closed the gap in color quality with their IPS peers. We didn't find the colors of the ROG Swift PG278Q particularly offensive, for example.
The new monitor supports Nvidia's G-Sync variable refresh rate technology, which most gerbils probably sussed out from the model number alone. Asus hasn't announced the variable sync range, but there's little reason to doubt that the monitor will work its G-Sync magic all the way up to 240Hz. Even considering the PG258Q's 1920x1080 resolution, gamers will still need some pretty serious hardware (and a well-oiled machine) to consistently hit that kind of frame rate.
Asus hasn't set a price on the PG258Q, but given the exclusive nature of its 240Hz native refresh rate, don't count on it being cheap. The ROG blog says the monitor will be available early next year.