I do 50-50 gaming and photo/video editing. I want a nice big IPS monitor for editing, but they all seem to have relatively slow response times. This one I am looking at has a 7ms response, which obviously is slower than your typical cheaper gaming monitor. So considering 60hz refresh is about 16ms, isn't half that good enough? Do you think I will have ghosting?
I'd say going to eight or below is the main target to hit for and getting below five is an added luxury if you can manage it. Unlike bisshopi5, I'd say that going over eight is not ideal for gaming unless you're not looking for a very responsive experience, especially once you pass by ten to twelve.
Also keep in mind that the specific boundaries for what matters can depend on both the system's performance and the game. I like to play games where high response times means better chances at survival, but that's me.
may experience slight delay between your mouse and keyboard to the display, it's more of a feeling really. It can cause nausea with extended mounts of play but in all depends how fussy you are and if take frequent breaks. 8ms would be borderline acceptable.
You should be fine I play games on a 25.5" NEC IPS panel monitor with 6ms response times and I find it to be fine. It is basically comparable to my 24" Asus TN panel monitor with 2ms response time. However, I don't really play games using the Asus monitor, I bought it to just monitor some processes on my HTPC from time to time so I figured it wasn't necessary to spend another $800 - $1,300 for a 25.5" Planar PX2411w monitor or NEC LCD2690WUXi monitor. A $240 monitor was more than adequate to fill that role especially since it only get used at most 4 hours per month.