Lost similar article when the server crashed. Just a quick recap before I forgot.
LCD panels are not created equal. Common panel types are TN, IPS, MVA, and PVA (reference: wiki). Generally speaking, if you want good color re-production, avoid TN panels as they usually have limited viewing angles and some can't even display full 24-bit colors. But they do have fast response time (meaning good for games and movies). IPS/MVA/PVA are a bit slower (some are much slower) but have better quality.
If you want to check the panel used in a specific monitor, go here. For instance, just type in "Eizo" and analyse the search result. You can see that the more expensive CG/CE models (that targeted the professional graphics market) used either the IPS or PVA panels.
You can also compare two particular 19" consumer grade models: the S1901 (6ms TN panel) cost around USD460 vs the S1921 (20 ms PVA panel) at around USD520 as of today. See the difference?