Depends on what you want to do, if you plan to game, sure there could be a difference. I believe the norm for gaming is no more than 12 ms. If you're not going to game, then the 16 is fine, perhaps even a 25 will do. But seriously, 16 ms is outdated.
Edit: low response time is usually required for anyting that has lots of animation, i.e. movies and games.
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