Depends on the panel type. The majority of (inexpensive) 8ms and faster displays are 6-bit TN panels, so you would probably notice a loss of color depth in movies and desktop work, but less so in games. More expensive S-IPS and PVA solutions do exist. You get what you pay for, like any other PC component.
Some people can't stand to watch movies on an LCD at all. I know I've never seen Cnet give an LCD a rating higher than "Good" for DVD watching, it's almost like it's their policy.
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