there's a lot of specsmanship going on in the LCD monitor biz - it's about as bad as the printer business.
For example, the rated response time is for the fastest color transition - not necessarily the average or longest one. The Dell is probably a TN display, since they're the cheapest and easiest to play specification games with. For photo work, a IPS display is best (I made sure I got one, even though it cost a little bit more), but they are getting hard to find.
For an exhaustive look at LCD technology, check out [link|http://www.xbitlabs.com/articles/other/display/lcd-guide.html|Xbit labs]
--Tony