Best Buy has the HP Pavilion 25bw 25" IPS LED HD Monitor (C3Z96AA#AB) on sale for $220 with free shipping.
1920x1080, 7ms response time, 5mm:1 dynamic contrast
178° H/V viewing, 250 cd/m2 brightness, DVI-D, HDMI, VGA
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On their description page @ BB "Ultrafast 7 ms response time". Umm that's Ultraslow. Of course someone who doesn't know any better will think bigger #'s are better....
7 MS response time isn't slow for an IPS panel... They were at roughly 16 MS response a couple years ago. The newest edition of the Dell Ultrasharp monitors have a 6 MS response time.
The only downside I see of this monitor is its resolution, and lack of VESA mount compatibility. Personally I believe any monitor that is 24" or above should be 16:10 (1920x1200.) .
You could get a faster, cheaper TN panel for gaming, but then you have lower contrast for gaming as well as everything else.