Windows 7: New Monitor Suggestions

OK, so I'm using a pretty old monitor as of right now, and for gaming and especially the GPU I'm using, I'm not going to get the full experience. I'm just wondering if anyone has any suggestions for a display that is 1080p and under £150. Right now, this is what monitor I'm looking into buying:
http://www.scan.co.uk/products/24-samsung-b2430l-widescreen-hd-lcd-1920x1080-700001-300cd-m2-5ms-vga-dvi
I also want you to note I'm not a monitor expert, so if you have any shopping tips please share them with me

I'm using the LG Flatron W2243s 22"

http://www.comparestoreprices.co.uk/.../lg-w2243s.asp

(£119 on this website)

Some sites even sell it for about £90 if you look around

That's funny, I'm using the Flatron W2234S!

LOL must be a popular one. Been using the same one for ofer a year.( well, till recently)

lol Freaky, just be sure not get them mixed up "W2243s and W2234s".

I'm not sure how to tell if a monitor is good or not. What qualities should I be looking for?

I would look at the monitors “response time” (the time it takes to display moving images)
The specs for the 43S for example have it at 5 milliseconds which is good, especially for gaming.
The faster the response time the less “ghosting” you experience.

What's the difference between response time and refresh rate?

I think refresh rate is mostly a consideration for old CRT tube monitors. I've never been able to change the refresh rate on my LCD monitor and I am wondering if all LCDs have the same refresh rate. Response time isn't a factor for general usage either, but it might be for a serious gamer.

The problem with monitor buying is that you generally can't evaluate one without actually watching it and you can always get a bad example of whatever you do buy.

No, you can get 120Hz refresh rate on some monitors, but they are expensive and are "only recommended for 3D gaming".