I've done some wonky research. So far I understood:
Particular questions that I'm asking are written in Italic hence Bold texts are not visible with this font.

"IPS is way better with color precision and contrast. But has problems with "ghosting", it generally looks like someone hasn't compiled video well. Also, adds some delay. Doesn't allow clear text reading. When text is moving"

"TN is way better with reaction time, and has no ghosting. But pays a little bit with color precision and contrast. Allows easy text reading."

I'm a decent gamer. People are telling that their TN's have 2ms, and IPS' 6ms of reaction time. Would that difference really matter in online games?

Human brain:
- Can actively V-Sync process 125 images per second, making it 8ms reaction time. (more without "V-Sync")
- Surely can't perform faster than 150ms, at getting input, processing output and providing output (reaction) to outside.

So is the 4ms more of reaction time on IPS that bad? I mean, this website claims that average delay between GPU and display is 30ms. Blindly believing it.

Ping + Delay + Display + Reaction Time + Keyboard Delay + Ping

(shooting random numbers here)
IPS: 25ms + 30ms + 6ms + 20ms + 230ms + 20ms + 25ms = 356ms
TN: 25ms + 30ms + 2ms + 20ms + 230ms + 20ms + 25ms = 352ms

I mean, looking at this, that way. It seems like delay is invalid argument. On the other hand, there's a YouTuber who says something entirely opposite.

Does even 5ms of delay in either direction, have any impact that I could feel? I mean it's just 5ms, the ping itself is 25ms, wouldn't it make it 30ms-ish on my feeling? 30ms is still under 100ms, where 100ms is considered "laggy".

As to contrast and color precision:
I personally never have noticed any problems. Text is direct and clear, not, what people claim to be, "noise". As when it comes to colors, couldn't I just tweak graphical settings in order to get it to fit IPS standards? Or is it just a real piece of technology that can't be made up out of software?

You're right to be concerned about IPS response times, but if the given response time is equal to or less than 8ms that's fine for your eyes. The problem can often come from the little spoken of display lag, where (to over simplify) the monitor wants to process the image before the response time ever comes into the formula. So, you'll need to check out reviews and spec's for whatever monitor you are considering for not only response time, but what extra features it will try to implement with the display such as upscaling, etc.

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