Yes! Your phone and that TV runs the same Android OS. And since the LG TV has a dual-core processor, everything should be relatively fast and quick. The big thing that Google TV has over a regular smart TV is the Google Play marketplace -- it's huge. While you won't be able to use ALL the applications on Google Play (because most of them are made for viewing on cellphones may require things like an accelerometer or whatever), you can will be able to use a good chunk of them. In addition, Google Play has its own TV category! So as time goes by, there will be more and more applications that are specifically tailored for use on TVs.
So to summarize and answer your question: yes. Google TV is better than a regular smart TV.