TN panels are very cheap with fast response times but have inferior color reproduction, contrast ratios and viewing angles
S-IPS panels are generally considered the best all around panel type, but they are more expensive and very few are made.
S-PVA/MVA panels offer better color reproduction and viewing angles than TN panels, have slightly worse response times than TN or S-IPS, offer the best contrast ratios, may suffer from color shifting or input lag and have higher availability than S-IPS panels. (From pchardwarehelp)
I would go with a non TN Panel monitor unless you're really into gaming and response time is more important that color accuracy.
6 bit Tn displays can only theoretically display 262,144 colors while the 8 bit displays can display 16.7 million colors. So the 8 bit panel makes a great viewing experience. Since the 8 bit has a better color range, it can display such things as gradients and vivid photographs with crisp smooth quality where as the 6 bit display will show banding. 8bit displays are good if you’re a photographer, artist, movie freak or anyone who enjoys a superior quality picture.