Yes, higher contrast is better. From my research, 500:1 at a minimum. 1000:1 is nice, but hard to find unless you step up to a LCD TV.
Some say 8ms is better for gaming, but have read of users running at 12 ms with no ghosting. The lower, the better.
The one I posted, I have no personal experience with, but several users report great success with it, and it has nice reviews @ Newegg. The 20ms is a black-white-black reading, shich most don't even publish. Again, I am just posting what has been recommended to me.
If price is of little concern, the Dell 2405FPW seems to be a big hit lately. But I ain't willing to fork over $900 for a monitor at this point in my life.
Also, if you do a search for LCDs on Newegg, and pick ViewSonic, the top-rated one is actually cheaper than the one I listed, and it boasts 3ms GTG times.