There are actually five types:
6-bit - 262,144 colors, no dithering
6-bit - 262,144 colors, dithering (2x2 grid) to 16.2M
6-bit - 262,144 colors, FRC (rapid pixel change) to 16.2M
6-bit - 262,144 colors, Hi-FRC (9-bit upsample+rapid pixel change) to 16.7M (pseudo 8-bit)
8-bit - true 16.7M colors
(And there are also 8-bit panels that FRC to 10-bit.)
Confusing, huh? Well, I would say that the first three are ALWAYS noticeably worse than a true 8-bit panel, and that the Hi-FRC one is almost always worse. The only panels that can display true 8-bit are PVAs and IPSs, which also have higher contrast and better viewing angles than TNs. So, if the 6-bit vs 8-bit isn't noticeable, the better contrast definitely will be.
All of these panels will accept 16.7M colors from the video card and will do the best they can with what they have.