2nd LCD Advice

[Jedi Mind Trick]

I'm going to buy another monitor and I'm going for 22" wide. I've got a few in mind but i need some advice first.

What exactly is contrast ratio (700:1 v 1000:1 for example)? How important should that be in deciding on a monitor?

And 2nd, anyone have any suggestions on which monitor to get? (I was eying the chemei on newegg - 2x Customer Choice)

thanks