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The E207WFP is TN film based, which is the low end of tech's when it comes to LCD. The 2007WPF once upon a time was all S-IPS based, but its moved to a mix of PVA (I think; might be MVA) and sometimed S-IPS screens , which is better then the TN of the E207. MVA but usually considered worse than S-IPS but better then TN depending on who you are talking to.
My tip: Get the 2007 if you have the coin and will be using it alot. If not, go with the cheaper one.
Oh, and the 2007 gives you composite and S video input as well.
That "16ms" is actually more like 8ms (according to testing at Behardware) but when Dell switched to a newer IPS panel going from the 2005FPW to the 2007WFP they quoted the exact same specs. I have the 2007 and to my eyes ghosting is not an issue..What about games on teh 2007wfp? 16ms seems horrible. The only thing really stopping me from buying it is the 16ms...i want something in the 5ms range. Do i need to worry about that?