There are three main types of panel in current LCD panels (and simular sub-types) all differ in pixel physical structure and transistor control gate number.
1) IPS, SIPS, AIPS, HIPS, = All based on simular pixel-valve design, Good Contrast (800:1 to as high as 1200:1, the highest color accuaracy, and generally has the 2nd fastest panel responce (ms) overall, and widest viewing angles (178 degress from both sides of the center axis), and often (but not always) the highest input lag.
2) VA/MVA/PVA = All based on simular pixel-valve design, The best Contrast (1000:1 to as high as 2000:1), high color accuaracy, and generally has the 3rd fastest panel responce (ms) overall, and the 2nd widest viewing angles (170 to 176 degress from both sides of the center axis), and often comes in on the middle for input lag.
3) TN+Film = The lowest Contrast of the three (700:1 to as high as 1000:1), mediocre color accuaracy, and generally has the fastest panel responce (ms) overall of all three main panel types, but the narrowest viewing angles (160 to 170 degress from both sides of the center axis), and often comes in on the lowest for input lag.
Input lag is mostly (but the panel type does have a LITTLE, but not much to do with it) dependinent on the Panels contol board and other electronics depending on company design and it denotes how long it takes for your input actions to translate to an display (visual) on-screen action/reaction.
I hope that pretty much explains it, if you need even deeper technical detail ill be happy to help.