Well that is the tough part, there is no standards in monitor specs.
While one monitor might be listed with a 16ms response time, Dell2007wfp, it might be faster/have less ghosting than 2ms monitors. The same goes for colors(i.e. dithering or true 8bit) contrast(dynamic or true) and brightness.
All these things can be found on wikipedia.
As for the panels, from best to worst-
S-IPS
S-PVA
P-MVA
TN Film
Why they are all better than TN is the fact that they offer better color reproduction, viewing angles and contrast ratios. To learn more on the panels.
TN panels are so common because the are so cheap, the vast majority of consumers don't know the difference. It is pretty hard to tell the difference unless you are looking at the different panels right next to each other.
As for telling you if it is worth it or not to spend the extra money on the better quality panels, I can't really tell you.
IMO- It was worth it to know that I am getting near the best IQ I can, I bought the Dell2007wfp for ~$360.
It really depends on your budget and getting the best you can for that budget.
Again, IMO- you should spend roughly the same price on your monitor as you do on your GPU.
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