Would you rather a 60Hz 2ms or 120Hz 5ms for gaming?

I have been thinking about purchasing a 20+" monitor for gaming. I have a Dell Ultrasharp for graphics so I want to focus on the gaming experience with another monitor. At $200usd I can get a decent 60Hz 2ms, but a decent 120Hz probably starts at $350usd.

My question is: How to compare the two styles of monitors?
And, of course if money isn't an option I'd spend more, so I'm trying to be budget savy.

Also, do you know a big difference in gaming with the two styles of monitors? I play BF2, BF3.
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More about would 60hz 120hz gaming
  1. One problem is there are multiple ways they measure that response time. There is a good chance that 5ms 120hz monitor still has a better response time than the 60hz 2ms monitor. In general, a 120hz monitor needs a better response time to be capable of 120hz.
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