LCD Technologies
TN Panels
TN (Twisted Nematic) panels are the most common for consumer displays. They have the best response times (2ms – 5ms) but have the worst viewing angle and colour reproduction. Constrast ratios are also not as good as the other options available. The major benefit is the lowest price but they are considered the low end option and are not typically used for commercial applications.
VA Panels
VA (Vertical Alignment) are in most cases the best mid-range option and generally offer the best value for commercial screens requiring high contrast ratio (however IPS screens are currently coming down in price). VA has similar viewing angles and colour to IPS but can suffer from colour shift, causing issues for some users. They have the slowest response time so not ideal for fast paced gaming or high fps documentaries. Also listed as S-PVA/MVA. Usually a good happy meduim for price and performance.
IPS Panels
IPS (In Plane Switching) generally considered the best overall LCD technology or the high end option. They produce the best image quality, colour and viewing angles. The downside is the response time which in most cases is more than adequate (6-16ms) but may effect fast paced gaming. Some iterations of IPS panels are listed as S-IPS, H-IPS, e-IPS and P-IPS. Overall the best option if budget allows.