5ms is generally thought of as being good game for pc gaming but it also depends on preference. Some people have to have 1ms response times (lower is better) while others could play at 8ms and be perfectly satisfied. We are talking about milliseconds here which is a very small number so you're most likely not going to notice much if any difference between 1ms and 5ms.
An IPS panel will most likely look better than a monitor without it but you're probably going to have to pay some extra money for an IPS panel monitor.
Here is a 1080p, 1ms response time, 144Hz, and IPS panel monitor. I always recommend this monitor for people who want the best gaming experience at 1080p without paying an insane amount of money.
It's a slightly larger monitor of 24 in., has a 1ms response time, 144Hz refresh rate, and is an IPS panel monitor in which you'll only be paying about $100 extra compared to the monitor you listed earlier.
Here's where you can buy it brand new for around $265:
http://www.amazon.com/gp/product/B00B2HH7G0/ref=s9_simh_gw_p147_d0_i1?pf_rd_m=ATVPDKIKX0DER&pf_rd_s=center-2&pf_rd_r=1K9V8QR86KGKBNR1X1PR&pf_rd_t=101&pf_rd_p=1688200382&pf_rd_i=507846
You can get it slightly used for $199 here:
http://www.bhphotovideo.com/c/used/917361?gclid=Cj0KEQjw6deeBRCswoauquC8haUBEiQAdq5zh1BFMHGlK9gbg1ly-S8Q4wDSQdIrq1P-fU43w1NnFOgaAuDX8P8HAQ
Also, the monitor you listed earlier would work great for gaming and you can get it at a good price too. I thought I'd throw in some suggestions so you can have more options. If you have any more questions about monitors and what is and what isn't important to have on one then please feel free to ask. You don't want to rush this decision since you could be using the monitor you purchase for a long time.