depends on what type of ips.
e-ips (6bit), tn, and va panels all have the same color accuracy.
e-ips however offers a much much wider field of view than tn. we are talking almost 180deg without distortion compared to perhaps 10-15deg on tn panels depending on if they have a coating or not.
p-ips, s-ips or h-ips (8bit) panels do have improved color accuracy over the other types of panels in addition to the wide viewing angles.
personally i buy nothing but pro ips panels if i can help it. i dislike tn panels (especially laptop tn panels) but some individuals love the 120hz models. to each their own i guess.
what is best for you depends on what you expect in a monitor and your budget.
search for that model number on the web and i'm sure you can find a website which tells you if its a tn or ips.