I was reading on a site that 24ms is exceptionally fast,well atleast as far as an HDTV goes and according to the site while not ideal for competitive FPS games it certainly would be acceptable.
My vision is rather poor so I need a large display,presently I use an LG 55 in monitor/tv. It;s rated at 120hz but I can only get it to run at 60 with a pc. I have been exploring overclocking it to run at 120hz as I wait for either an OLED or better yet a 4K OLED to play nice with video cards!
I was surprised to see some HDTV's had input lag of up to 90ms,the average was about 40 and the ones considered "good" for gaming were in the mid30's to high 20's, IIRC the best I saw was about 18ms in a dedicated pc monitor.

A TV is not suitable for fast gaming, you are correct. Even the best of the TVs have considerable lag. There are monitors that have virtually zero input lag. Their lag consists mainly of the display panel delays.
In fast first person shooters input lag causes your shots to miss because when you try to track your enemy you don't see what's actually happening but what happened 50-100ms before. In fast movements this is enough to make you miss your shots or lose the duel when an enemy pops from behind an obstacle.
For Aces High input lag is not an issue because everything happens much slower.
Here's one source that lists input lags per monitor model (the same site also contains comparisons for HDTV:s by the way)
http://www.displaylag.com/display-database/This database lacks many brands such as Eizo which is famous for building low input lag monitors. Eizos Foris line is specially built to eliminate input lag.
http://www.flatpanelshd.com/review.php?subaction=showfull&id=1383107475