Both of those monitors use Liquid Crystal Displays (LCD). One uses light emitting diodes (LED) for the backlight that shines through the LCD while the other uses compact fluorescent lamps (CFL). LEDs are smaller and more energy-efficient, so you could build a monitor that was thinner and ran cooler compared to fluorescent lighting, but the spectrum emitted by the LED array may not be as complete as CFLs provide.
Both of those cheap monitors use Twisted Nematic (TN) type LCD panels. These are the cheapest and the fastest LCD type, but they have serious problems when viewed from any angle other than perfectly-perpendicular to the screen. They are also 6-bit panels (with 2^6 = 64 levels each of red, green and blue), so they won't represent smooth color gradients as well as an 8-bit LCD panel would (with 2^8 = 256 levels each of red, green and blue).
The link that riviera74 sent you includes popular monitors using In-Plane Switching (IPS) LCD panels. IPS LCD panels provide consistent color and brightness even when viewed at an angle. They're not able to change states as fast as TN panels can, but they're fast enough for anything short of alternating-frame 3D with shutter glasses. Many quality IPS LCD monitors cost more than TN LCD monitors of the same size. The e-IPS LCD monitors are the most affordable of the IPS types. The Dell U2311H that I suggested is one example of a monitor using an e-IPS LCD panel.
The third popular type of LCD panel is Patterned Vertical Alignment (PVA) or Modified Vertical Alignment (MVA). These are slower than IPS, but they have good color representation. Viewing angles are good, but not quite as good as IPS.
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