I have 2 LCD monitors, one a Dell 1905FP (the newer 16ms one) and an older NEC 1760V which has around 25ms response time. The NEC actually has a LOT less ghosting in games due to quirks of the basic technology. See, the NEC is a 6 bit color panel and the Dell is 8 bit, so the Dell has a lot better color fidelity which is nice during normal use, photo editing, watching DVDs, etc. BUT, the Dell has a HUGE lag time when switching away from bright red colors.
That means that even though the older NEC montor technically has slower response times, the Dell shows horrible ghosting for red enemy icons. It's so bad that at close ranges, any stick stirring or rapid maneuvers results in the enemy icon and plane just being a huge red blur in the gunsight.
Bah.
But overall the Dell is a better monitor, and in games that don't use red icons, it looks a lot nicer than the older NEC. It only has the noticeable ghosting problem with bright red lines and text icons like in AH.
It's worth noting that with ny NEC monitor, sunsets in AH would show really bad color banding. With the Dell, I get smooth color gradients. That is proof of the better color fidelity with 8 bit LCDs vs. 6 bit LCDs. I HATE color banding.
I'll probably fiddle with icon colors eventually, but it's worth knowing that monitor response times don't tell the whole story. You need to find out if it's an 8 bit or 6 bit color panel and also find out how they get those response times. Another trick they use to get faster response times is to "overdrive" the pixels for a few milliseconds whenever the color changes more than a little bit. That means sometimes you get odd color artifacts and smearing because they're not just going straight from one color to the next, they're actually going well PAST the next color and then backing down to the right color in order to make it change faster. The results can be great for technical response time specs but might look weird in some situations.