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For CRTs (those big ones), you need a monitor that can give you 80+ Hz at your standard resolution. For TFTs ("LCD"), you need a screen that has a 25 ms or less (preferably less, 16 ms is fine). That'd roughly translate to some 40 frames a sec, or 60 for the 16ms.
And yes, CRTs are still better and cheaper, but also much larger and heavier. And the whole technology is different, as is the result of working on them for a day - with TFTs you have no more eye strain due to low refresh rates, for example.
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