The old versions of LCD were nothing compared to CRTs, but they have come a long way.
I have a 19" Hanns-G LCD, I paid $160 a few years back for... still working perfectly. (You can get the equivalent for about $100 these days).
It has a 8ms response time (In the case of LCD's, the lower, the better). I would not get anything higher than 8ms. They have them as low as 2ms now.
Refresh rate is not important to LCD's. This is the number of times the screen gets "redrawn" every second, so with CRT's a higher refresh rate is better. LCD's are rated in "response time", due to the difference in how they work.
I have no desire to go back to a CRT. The LCD has a brighter, clearer, less distorted picture. The colors are much better, and it fills up the entire screen! I also don't get the "headaches" I used to get looking at a CRT for long periods of time.
My ONLY problem with the LCD is very slight blurring in a GV gunsite in full zoom while rapidly scrolling across. This is only a minor annoyance and took every bit of a couple days to get used to. A lower response time I'm sure will correct this, as 8ms is actually pretty high these days.
Also keep in mind, monitors are measured in diagonal tube diameter (top left corner to bottom right corner). CRT's tube overlap the case by as much of 3/4", as the edges of CRT tubes are so distorted you wouldn't want to use the full size anyway. LCD screens fit inside the case and can use every part of the screen without distortion. As a result, for example, a 17" LCD is almost the same size as a 19" CRT.
My vote goes to LCD.