|Different LCD panel types:|
TN = garbage. Most cheap monitors use TN panels. They have poor viewing angles and color reproduction. If the description doesn't mention VA or IPS, it uses a TN panel. Only advantage to TN is the speed--down to 2ms.
VA (including MVA and PVA) = good to great. VA panels have absolutely astonishing black levels--they're even better than S-IPS panels in that regard. Viewing angles are much better than TN, but not quite as good as IPS. Unfortunately, VA panels have the highest pixel response time of the bunch--typically 8-12ms.
E-IPS = good. E-IPS is a cheaper variant of IPS. E-IPS panels provide wide viewing angles, but only 18-bit color. They fake 24-bit color by dithering. That AOC monitor uses an E-IPS panel.
S-IPS = excellent. You'll get plasma TV-like viewing angles and true 24-bit color out of these monitors. Some of them even feature 30-bit color!
All of the above are LCD panels.
LED = light emitting diode. This is the monitor's source of light, not a type of display panel. Any of the panel types listed above may or may not have LED backlighting. It doesn't really matter--CCFL backlighting is just as good.
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