Well after my trip to Best Buy today I ordered the following monitor:
HP 2710m 27" HD 2.5ms Widescreen LCD monitor from the HP Online Store for $349.95/free shipping.
Best Buy had the HP 2310m 23" HD 3ms Widescreen LCD monitor in stock & on display (exact same monitor feature-wise as the 2710m w/ the exception of response time & size).
It was very apparent after making the rounds that this unit was a winner. It had the best picture by far over the others, the best color over the others & was certainly the most snappy & crisp when displaying very fast motions--couldn't detect any ghosting or blurring while watching a hummingbird demo. I didn't detect any ghosting on the others but I did see some blurring & interleaving (lines along alternate pixel rows) at the hummingbird's wing edges.
By contrast they had a HP 2388h 23" HD 5ms Widescreen LCD monitor set up on a HP i7 box running some flight sim. You could definately see the ghosting of the upper section of the plane cockpit--was real faint but there--otherwise it was doing OK w/ no blurring of the scenes or objects while in motion. Yes I would have to agree that the difference between 3ms to 5ms is "noticeable" to the human eye. To be fair the HP 2388h is a "business-optimized" monitor & was not meant for games. Compared w/ Gateway, AOC, BenQ, eMachines, Samsung, Asus in-store & the HP's were the top dogs-just all around better (the HP's had the fastest response times--the best the others could do was 5ms).
I'll give a report on it when it gets here & I put my EVGA GTX 470 SC vid card back in to push it.
Thanks for the replies folks!