1. Response time doesn't mean *jack*. There is really no such thing as a true "2ms" panel anyway, the "2ms" is only as specific half transition, and in practice the actual times are much higher on these panels marketed for speed. Serious monitor reviews will show such things as the 8ms 24" Dell IPS panels actually have *less ghosting* than supposedly 5ms generic TN panels. Go figure... however, where response time matters these days is:
2. Low-response time (>6ms) is a sign of a TN panel - the *absolute worst trash* on the market. Sit as little as 1/2" too low in your chair and the colors begin to darken to black. Only 262,144 *real* colors means that dithering (which causes banding) is used just to get enough colors. Color accuracy? Forget it. Viewing angles? Hah! Panel quality? In your dreams. Solid black? Nope. Stuck pixels? Yup...
3. The contrast is usually the dynamic contrast if you're buying a TN-panel, and absolutely worthless statistic, and guaranteed to be heavily inflated.
So what panels *should* you get? IPS if you have the money, though a proper "gaming IPS" is extremely expensive, overdriven IPS panels don't come cheap. A good substitute is a PVA or MVA panel, which you can find in the $270+ price range, not too bad.
To go widescreen or not? That's your choice and depends on budget. If you're looking at seriously replacing a CRT with something even coming close to the image quality, a good widescreen monitor is out of your budget - they just don't make 19" ~ 22" panels with anything other than TN-panels (with the exception of a Lenovo 22" widescreen that's just as expensive as a 24" Dell...)
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Above all? Don't do all your research *here*. There are just too many people defending what they own instead of recognizing that you get what you pay for. Head over to AVS or HardOCP, then check out serious monitor reviews on the couple of panels you find you like. Then, if you can, try it out. The transistion from CRT to LCD is big - it'll go much more smoothly if you do your research and make sure you get a genuine high-end panel tech.
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