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Response Time - The time it takes for a pixel to go from black to white and then back. For monitors manufacturers generally post the GTG or gray to gray response time in order to show it lower. Inadequate response times can cause blurring or ghosting.

Input Lag - The delay in time from when a command is inputted into your computer or console and when it is displayed on your screen. This specification is not generally posted but is commonly discussed in forums and other areas. In general, televisions have a higher input lag than monitors, but there are some televisions with low input lag. I've written a post on the best Gaming TVs that shows several different options.

Want to know how to connect your Wii, Xbox 360, or PS3 to a monitor? It's not hard at all. I've put in some great videos below to help you out.

Refresh Rate - The amount of times per second that your monitor draws the data. A high refresh rate is more responsive, eliminates tearing, eliminates the need for V-sync, and gives you crisp details that are smoothly rendered.