Also be aware that there are basically two types of LCD monitors; 8-bit and 6-bit.
8-Bit LCDs offers true 16.7 million colors. Each primary color (red, green, blue) is represented by 8-bits which will provide 256 shades of that color (256 = 2^8). Since each color has 256 shades, 16.7 million colors can be produced (256^3). Colors are vibrant, tests are clear, and overall really good image quality for an LCD. The downside is that this are slower and the best grey-to-grey response time you will see is probably 12ms.
6-Bit LCDs do not offer true 16.7 million colors. Each primary color (red, green, blue) is represented by 6-bits which will provide 64 shades of that color (64 = 2^6). Since each color is only represented by 64 shades, these monitors can really on process 262,144 colors (64^3). Colors are upscaled to 16.2 or 16.7 million by interpolation. That means guess the missing colors. This means there could be errors in color reproductionm and artifacts may appear as well. Colors are flatter and images are not as clearly defined as in 8-bit LCDs. But these do provide a low response time. Some manufactures claims are as low as 2ms.
Don't always trust the response times listed, because there is no standard to test or judge them by.