Do you play just fast moving games (eg. FPS like Bad Company 2, car games and so on)? Then you'd probably be looking for a TN panel, *VA and *IPS could offer some improvement in image quality but are a bit worse in terms of response time.
Check the flat panel monitors forum under Peripherals for more info...
Monitors with LED backlight stats are over exaggerated.
Generally speaking, LED backlight will probably uses about 15w - 20w less power than regular CCFL backlight in 22" - 24" monitors. They will also be a little thinner. If you think that's worth the extra $20 then go for it.
The more important stat to look at is the Static Contrast which is typically between 700:1 to 1000:1. Dynamic contrast is totally BS the way it is marketed to people.
I have a monitor that has Dynamic Contrast and I basically switch that off. DC sort of sets the baseline contrast level depending on what mode you select, then you use the contrast controls in the monitor's OSD (on screen display) to adjust up or down, but only within a certain range. Additionally the contrast can automatically adjust when gaming or watching a movie, but that annoys the hell out of me.
See my review of the Asus VK246H where I talk about it a little bit in the link below. The section is called "4. Splendid Modes" and it will apply to all Asus monitors. The review also applies to the VW246H which does not have the built-in webcam like the VK model.