Just a quick heads-up in case it's useful, IPS monitors are a different form of LCD that can produce more colors than the std. types, are capable of doing so with greater accuracy, & have a comparatively wide viewing angle. Perhaps the most well known examples are the Apple Cinema displays. They're also prone to be expensive.
AFAIK cheaper versions allegedly using the same panel as the Apple Cinema displays, possibly stock over-runs &/or 2nds, are available mainly out of South Korea, sold at some retailers [e.g. Micro Center in the US], on Ebay, & through Amazon. Let the buyer beware, quality control, customer service, & returns can be problematic.
Popularity of those S. Korean, Apple-*Type* IPS monitors has led most of the major monitor companies to start to dabble in the market, & now there is a cheaper version of IPS [eIPS?] available that brings the cost down to just a bit above normal LCD displays. They may or may not be worth it to anyone thinking of buying a new monitor... mileage varies a Lot.
The big problem with IPS monitors is sealing around the edges of the panel so the backlight doesn't bleed through at the edges - some brands/models are more prone to this than others, & it is a bit hit or miss, so being able to return a bad monitor is important. IPS monitors can have a bit of lag, though manufacturers may counter that with their electronics, and with the cheaper IPS [eIPS?] monitors keeping costs down means scrimping on everything else, e.g. terrible, flimsy stands seem to be a common complaint. Finally, while they still may be more capable than regular LCD panels, the cheaper IPS monitors do not have the color gamut or accuracy of the high dollar versions, e.g. the Apple Cinema displays.
The monitor I use was getting particularly old, so I picked up an AOC I2367FH on sale this week. AOC is more a bargain brand to start with, and what I got was equivalent to the cheapest LCD monitors in terms of build quality etc., but with an above average 23" display or picture, for roughly the same price as I could have bought a pretty nice regular 23-24" LCD. It works with or without the stand, which is horrible BTW -- as soon as I can get/make a shelf the stand's history. The monitor controls are are a bit of a PITA on the back of the monitor, & feel pretty flimsy, but once I get it dialed in I won't be using those anyway -- I don't remember the last time I used them on the Acer it replaced. The display quality OTOH is pretty nice -- it seems about mid-range between a regular, higher quality LCD & my son's very expensive, full IPS monitor... If I get VERY picky, the blacks seem a bit crushed -- if I turn up the brightness to see the difference between the darkest levels, it's a bit washed out -- but I'm talking 1, 1, 1 - 2, 2, 2, something the Acer, like most LCDs I think couldn't get close to.
IMHO the relatively few user reviews I've seen for the AOC seem to sum things up pretty well for cheaper IPS panels in general... it's a love it or hate it sort of thing. Either people hate the cheaper build quality, e.g. stands etc., or they love the nicer display they couldn't afford otherwise.