Here's some more information about the whole 29.97 thing. It was done to make the new color TVs compatible with the millions of monochrome TVs that were already in use. They were worried about interference patterns, and they had to either change the location of the audio carrier (which would have killed sound for the existing monochrome sets) or slightly change the frame rate. They chose the latter.

An excerpt:

"When a transmitter broadcasts an NTSC signal, it amplitude-modulates a radio-frequency carrier with the NTSC signal just described, while it frequency-modulates a carrier 4.5 MHz higher with the audio signal. If non-linear distortion happens to the broadcast signal, the 3.579545 MHz color carrier may beat with the sound carrier to produce a dot pattern on the screen. To make the resulting pattern less noticeable, designers adjusted the original 60 Hz field rate down by a factor of 1.001 (0.1%), to approximately 59.94 fields per second. This adjustment ensures that the sums and differences of the sound carrier and the color subcarrier and their multiples (i.e., the intermodulation products of the two carriers) are not exact multiples of the frame rate, which is the necessary condition for the dots to remain stationary on the screen, making them most noticeable.

The 59.94 rate is derived from the following calculations. Designers chose to make the chrominance subcarrier frequency an n + 0.5 multiple of the line frequency to minimize interference between the luminance signal and the chrominance signal. (Another way this is often stated is that the color subcarrier frequency is an odd multiple of half the line frequency.) They then chose to make the audio subcarrier frequency an integer multiple of the line frequency to minimize visible (intermodulation) interference between the audio signal and the chrominance signal. The original black-and-white standard, with its 15750 Hz line frequency and 4.5 MHz audio subcarrier, does not meet these requirements, so designers had either to raise the audio subcarrier frequency or lower the line frequency. Raising the audio subcarrier frequency would prevent existing (black and white) receivers from properly tuning in the audio signal. Lowering the line frequency is comparatively innocuous, because the horizontal and vertical synchronization information in the NTSC signal allows a receiver to tolerate a substantial amount of variation in the line frequency. So the engineers chose the line frequency to be changed for the color standard. In the black-and-white standard, the ratio of audio subcarrier frequency to line frequency is 4.5 MHz / 15,750 = 285.71. In the color standard, this becomes rounded to the integer 286, which means the color standard's line rate is 4.5 MHz / 286 = approximately 15,734 lines per second. Maintaining the same number of scan lines per field (and frame), the lower line rate must yield a lower field rate. Dividing (4,500,000 / 286) lines per second by 262.5 lines per field gives approximately 59.94 fields per second."