Unfortunately what you have said is incorrect. Refresh rate only applies to CRT monitors since LCD monitors do not continuously refresh their images only when needed instead of being updated continuously.
What you want to look at is the refresh rate which is calculated differently according to different manufacturers...But basically anything under 8-10 is enough. You don't need 2ms as you won't notice the difference due to the physiological limitations in our eye.
To be honest unless you are spending >300-400 you probably won't notice a difference between the monitors and unless you are picky about colour or do video editing/art design you probably won't need to spend that much.
Just find a monitor that looks good to you, meets the price, is big enough, is adjustable enough for your use and you should be fine. Keep in mind that bigger resolutions require more graphics power to run games.
Hot Deal!!
Check out this
23'' Monitor at 1920 x 1080 resolution for $169.00! It's the Canadian Dell site so if you go to the American hopefully you will have the same deal. This is a really good buy IMO, great adjustability, warranty. I have used many Dell monitors and can attest to their quality.
Edit** I hope you are Canadian since it's 209.00 at American prices.