Yep, the lower the response time the better for any fast-moving action like a game. Same goes for a LCD TV. Response time is ms as in milliseconds. However, the better the response time, the more expensive the monitor.
Beware of the way the response time is measured. Not all measurements are of equal value - for example you will often find the calculation based on the time taken for the screen to go from completely black to completely white, or vv. Which is so useful, because what we all really want to do with our screens is sit there watching them strobe.
