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TN = Twisted Nematic - These are 6-bit screens that cannot really reproduce 16.7 million colors. They can only reproduce 262,144 colors; 64 shades of Red, Green & Blue. Thats (2^6)^3 or 64^3. All the other colors are created through a process called dithering. These typically have fast response times (for gaming) at the expense of color accuracy. These are inexpensive monitors.
Interestingly enough, TN panels can come in true 16.7 million colors (8-bit); just like a manufacturer could make the other panel types 6-bit if they wanted to. In the past, most TN panels have been 6-bit, but that's not necessarily always true now. It's just a matter of choice by each manufacturer.
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MVA = Multidomain Vertical Alignment
PVA = Patterned-ITO Vertical Alignment
MVA and PVA panel are the most common 8-bit LCD screen around. They are relatively slow compared to TN, but offers better color accuracy. Good viewing angles and contrast ratio. However not all MVA and PVA panels are 8-bit screens. S-MVA and S-PVA are typically the ones that are 8-bit panel from my research. S = Super.
If it helps any, the colors on all panel types are just as accurate as the other panel types (when viewing straight on); however, due to viewing angle, anything but an IPS panel will have colors that shift to a different hue or shade from one side of the screen to the other. Absolutely, perfect shades of colors require calibration.
Also, some MVA panels can get in the same range as the best TN panels in terms of response time, but have serious problems in dark to dark transitions. What is interesting, is that many TN panels can be as slow or slower than PVA and some MVA panels; it's just a matter of finding the fastest panels as tested by xbitlabs.com (not the lying specs on the box). In essence, you can't rely on panel type to guage response time since the results are all over the place.
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S-IPS = Super In-Plane Switching. These are high end and really expensive LCD panels. All these panels are 8-bit panels and comes the closest to CRT image quality. From what I've read they also have very good response times as well. LCD monitors geared towards graphic artists who demands the most color accuracy are designed with these type of panels. That means the shades of color you see on the screen are the exact shades that will be printed out on a good color printer.
Note: CRT image quality refers to the reduced viewing angle issue, since that is the major difference between the 4 panel types. IPS panels still suffer from all the other limitations of LCDs vs CRTs that all the other panel types suffer from.