[Avid-L2] 720p 59.24 and other formats ...

An amateurs question but I can't find anything the manual or on the web that succinctly explains this. Can someone explain to me who uses formats like 720p 59.24, 1080i 59.24 etc(all the speeds over 30 frames per second)? If you set up a project in 720p 50, is the frame rate 50fps?
Does DVCPRO 50 refer to the frame speed or the megs/second.
Thank you

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