Sinbin,
LCD displays consist of 2 primary elements, the first one is the LCD panel. This is more or less like a transparency paper, a sheet of clear glass that will show you pictures when it's receiving input. The other part is the backlight system. Imagine this, you have an image printed on a transparency paper, and you want to show it to your friends, you'll need to "light up" the paper, that's where the backlight comes in. Now the LED we've been talking about is the backlight system only, the one that lights up the clear sheet of glass that we have our images on. As for what you've chosen - If it's good enough for you, go buy it. For me personally, I'd go with an IPS based panel (this is the "a sheet of clear glass" part).
I guess I misled you, huh? I'll clear this up. There are several type of "a sheet of clear glass"-part. The ones that are famous are TN, PVA, and IPS. If you see a LCD monitor with 2ms response time, that's a TN you're seeing. If you see a 5-6ms response time, you're [most likely] looking at S-PVA/IPS based panels. The cheaper one (and the ugly one) is TN. It's cheap to produce, it's fast, it's ugly, and will moderately (at times severely) shift colors when you view it at different angles. S-PVA/IPS will not shift color as severe (sometimes you won't even detect the color shifting, even at wide angles) as TN, shows color consistently everywhere on the panel and very wide viewing angles. Too bad it doesn't respond as fast as TN, and is way more expensive to produce than a TN.
Most modern TN panel will have 168-170 degrees viewing angle (VERY optimist claims, sometimes you'll only see a smudged gray image when you reached 170 degrees, but sometimes still able to see what the image means, only at different color). Most S-PVA/IPS will have 178 degrees viewing angle and you'll still be able to make then colors even when you reach extreme angles. Btw, to see a display panel type: the cheap trick is to see it -70 degrees on vertical axis (read: you need to squat and look at the display positioned above your head). If the color changes to a shade of gray - you are looking at a TN, if the color shifted a bit, you are looking at a S-PVA/IPS. As I said, I'd go with S-PVA/IPS.
About the display you've linked... It's 99% TN panel...
zzz2496