Buying a 22-24' Monitor towards the lower price range over Christmas don't know much about LED only been using LCD so far. Now I did some google reading and from what I gathered:
IPS are more expensive generally, slower response time, more accurate color (does this mean its better quality period?), wider viewing angle (probably doesn't matter to me since I sit directly in front) . Anything else to add?

I plan to use it mostly for gaming and decent amount of movie watching when I get netflix. So I assume for movies IPS is clear winner? but for gaming LED is better choice? This is why I'm torn.
Now what about durability, which is more reliable and lasts longest?
Noise level, which one is quieter? for my lcd monitors after awhile they make this buzzing noise specially on colder days.
Others often mentions how you have to calibrate LEDs, is this just playing around with brightness/contrast just like LCDs or is it more complex? kind of worried since I don't know how to calibrate if its more complex.
This is the one on sale atm or I can wait for an ips in future.
http://www.futureshop.ca/en-CA/product/lg-electronics-lg-24-led-monitor-with-5ms-response-time-e2442tc-e2442tc/10228951.aspx?path=a92f73f97fbe7440c2a8d0ca48bd0b3cen02
LG 24" LED Monitor with 5ms Response Time (E2442TC)

Thanks in advance!

Basically how much better is the image quality of IPS LED is it significant enough to sacrifice response time for?

Not an expert, but I thought one of the better upgrades for IPS was viewing angle, and TN LCD has higher response time (so lower refresh rate).

First of all - "LED" means LCD with backlighting from diodes. These are not the OLEDs you may have been looking for ;P.

Secondly - trade-offs are unavoidable. Ask yourself this: are you a gamer or a graphics designer ? If the former, go for a TN panel (preferably a 120Hz one). If the latter - IPS is the way to go. If you find something with the responsiveness of TN and color fidelity of IPS AND can afford such a monitor - knock yourself out.

Bear in mind - I'm not an expert in this field, so take what I say with a grain of salt.

To expand what Vestin said: LED and IPS are not mutually-exclusive, as evidenced by the LED-backlit IPS screen for our kitchen PC / TV. That should make the decision-making process that much harder. ; ) Happy shopping, though. My only suggestion is to take a look, in person, at samples of both and see what you like best.

LED screens are still LCD, they just have the advantage of LED back lighting which improves colour depth (something that LCD screens used to struggle with).

There are some very cheap IPS screens coming onto the market now. They use the same hardware as Apple, but in a much more basic case (with fewer input options). But really you only need that kind of colour accuracy if you're doing graphics work.

For what you describe you'd probably be better off making more of an investment in other areas (such as screen size, LED back-lighting and refresh rate).

In my opinion the difference is big enough to justify sacrificing response times. And the response times don't make that much of a difference, honestly. I went from a TN LCD monitor to a IPS LCD monitor and the difference in image quality was huge, but i couldn't even notice the difference in response times, and i play many FPS games online (which is probably the genre that would benefit the most from reduced response times).

IPS panels have a much better color fidelity and viewing angle. TN panels are a joke when it comes to color fidelity.

By the way, the image quality difference is noticeable even if you're not a graphics designer. Take a look at a Dell monitor and compare it to one of those cheap LG/Samsung models with TN panels.

Maybe a little higher on the price scale than you want to go, but I got myself one of these recently when my old ViewSonic VP2030b 20" packed up and I am very impressed: Dell Ultrasharp U2312HM 23 inch IPS LED Monitor

This one has an 8ms response time - but I havent noticed any issues so far on any games. What I have noticed is an impressinve increase in detail and subtlety in the visuals in practically everything I have thrown at it.

See also this review: http://www.tftcentral.co.uk/reviews/dell_u2312hm.htm where they look in detail at how it rates as far as gaming is concerned.

Also my first foray into wide-screen gaming and Im a convert on that score too.

Not a graphic designer for sure and mostly a gamer, but what about for watching movie? and by TN panel that includes LED with backlightning right? No chance to afford both for sure :(.

You know... Just go to an electronics store and take a look at both types of monitors, see whether the difference really does it for you. If you can live with either - just go for a TN one, which will likely be both faster and cheaper (and may run at 120Hz, which is something no IPS panel can currently do). If it's a deal-breaker - just buy the IPS panel and enjoy all the pretty colors.

Very interesting product, is this still lcd with backlightning from diodes or is OLEDs mentioned by Vestin? are TN and IPS mutually exclusive? The 8ms is a little slow was looking for 5ms, but seems like ips with 5ms are REALLY expansive. Is this monitor easy to setup?

On side note I thought LG/Samsung were the leaders for monitors, didn't know about Dell monitors at all. Are the Ultrasharp series a new series, are they proven to last a long time? One major factor is the durability I really hate to have to go through the selecting process again within 3 years. In general are IPS easier to break/dead pixel than reg LEDs?

Dell's especially the bigger sizes are mostly good, same with Samsung LCD's (think they dropped the ball with LED ones though - everyone used to want a Samsung LCD)

Forgot a important point, which ones usually have less back light bleeding?

Yes, a monitor will either use TN or IPS panel.

LG/Samsung are leaders for cheap TN monitors. Dell monitors are way superior, but more expensive.