QUOTE
You should also look for a monitor with a low pixel response time, which is the number of milliseconds it takes for the pixel on the screen to change for the next image. The lower this number, the faster the screen will refresh and reduce display ghosting. Ghosting occurs when the monitor's refresh rate cannot keep up with the information fed from the computer. The monitor doesn't have enough time to remove one image from the screen before it can draw the next. Basically it looks like one image displayed on top of another, like double-exposed film.
and yes, I'm using an older LCD monitor (good ol' university), but you will most likely only see ghosting at higher framerates with a higher quality monitor...they will still be there though.
And refresh rate is something LCDs don't have to deal with, they can address each pixel individually, so they don't "refresh" they just change the pixels that need to be changed.
Edit: When, in the quote above, they refer to refresh rate, they mean the refresh rate of an individual pixel.