I'd second Fatal Enigma's recommendation. I'd say 16ms minimum for gaming. Although that's a fine monitor for the price (700:1 contrast and 170 degrees viewing angle is very nice!) you may find the blurring from the slow pixel response distracting and 250 cd/m² brightness is a bit weak.
Remember also, that LCD prices are expected to plummet over the next 3 months, so you may wish to find a model which meets your needs and then monitor its price until it hits the "sweet spot".