Is the asus vs247h-p a ips monitor?

Solution
Asus monitors are generally good, although they might cost a bit more for the same thing.

There are too many variables to compare monitors easily. What is good will depend on your preferences.

I'll leave it to you to decide.
The VS247H-P is $157.73 at Amazon. There are cheaper monitors available.

24 inch
http://www.amazon.com/BenQ-Monitor-GW2450-24-Inch-LED-Lit/dp/B007ZW438Q/ref=sr_1_22?s=pc&ie=UTF8&qid=1387267199&sr=1-22&keywords=24+inch+monitor

23 inch
http://www.amazon.com/Acer-G236HL-Bbd-23-Inch-LCD-Lit/dp/B0098Y77U0/ref=sr_1_5?s=pc&ie=UTF8&qid=1387267199&sr=1-5&keywords=24+inch+monitor

There are more at Amazon and Newegg. It will take me too much trouble and time to search everywhere. You'll have to find them yourself.
 
Just to clear up a few things:

Almost all monitors are "LED" monitors. This just refers to the backlight. Light shines from this through a filter layer generally called the "LCD" and THAT is what's important.

Different types of these LCD filters include TFT and IPS and more. All have different characteristics though IPS tends to be more expensive.

RESPONSE TIME is important so I recommend 5ms or less now.

In general, you should look at CUSTOMER REVIEWS.

Things to look for:
a) 1920x1080
b) 5ms or less response time
c) inputs: DVI, DP, VGA or HDMI if needed (usually DVI is most used now)
d) HDMI with HDCP for BluRay (can have PC on DVI and XBOX on HDMI/HDCP for example)
e) good customer reviews

Things to watch out for with customer reviews:
- light bleeding
- shadows (uneven backlight)
- bad pixels

Also look for Warranties of 2-years or more if possible.
 
If $170 isn't out of your budget the this is a good monitor for you:
http://pcpartpicker.com/part/asus-monitor-vs239hp

It's almost the same one you previously picked. It has an IPS panel and the 5ms response is fast enough for gaming.

I'll link to AMAZON just so you can read the customers comments. Pretty good.
http://www.amazon.com/ASUS-VS239H-P-23-Inch-Full-HD-Monitor/dp/B008DWITHI/ref=sr_1_1?s=electronics&ie=UTF8&qid=1387269631&sr=1-1&keywords=Asus+VS239H-P

I was going to link a "professional" review but they said things like "good" but not great. Not only did they say that about practically EVERY monitor that wasn't expensive but they only spent a few minutes with them. Pro reviews have their place but I'd rather look at feedback from many actual customers who've used it for a while.
 

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