So its tough to say this monitor is better than that monitor because of this reason and that reason. Yes contrast ratio is important but this 1,000,000:1 is a dynamic rating, some mfg's will use a static contrast ratio rating so its hard to compare by looking at the specs. I would obviously recommend getting 1920x1080 resolution and nothing smaller than that. Most monitors are going to have excellent response times which will be one of the most important pieces as early LCD's "ghosted" when high FPS, fast moving games were played as it could not keep up.
Unfortunately not all monitors advertise their brightness which is measured in nits, this display you chose is 250 cd/m2. You can find more spendy displays at 300 to 400 which does make a difference if you look at them side by side.
LED Backlit displays are generally thinner (basically who cares to an extent) but they typically brighter as well.
So do you want 3d capabilities? maybe you dont today but for a little more you could have that choice at least. This monitor is a little brighter at 300 and has a 120hz refresh but is it worth $130 more? not necessarily to everyone.
Connections will be another big thing to look for, Does it have multiple inputs or most importantly, the input that you have/want?