Gaming monitor

I've been asking people lots of questions about gaming monitor... what they should have.

I get these answer:
120hz > 60hz
low response time (2ms)
LED > LCD
ASUS, ACER, BENQ, ans SAMSUNG


Now I am looking for a gaming monitor between 23-24 inch. I don't really want to spend more than $150 dollars, so I think the 120hz is out of question. I know there is a lot out there that have all these features, but give me some input on this.

Should I consider spending extra money to get 120hz. Should a 27inch be good for gaming or is that too big? Does 2ms against 5ms really make a big difference?
Suggestions please!

Research:
http://www.newegg.com/Product/Product.aspx?Item=N82E16824009376
http://www.newegg.com/Product/Product.aspx?Item=N82E16824236153
http://www.newegg.com/Product/ProductList.aspx?Submit=ENE&N=100007617%20600060968%20600030649%204017%20600030956&IsNodeId=1&name=2ms-3ms&ShowDeactivatedMark=False
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