exactly - and that's what i expected when i bought my first IPS panel monitor. but i quickly realized that my expectations were not at all in line with reality, probably due to the particular model i chose (the ASUS ML239H). had i dropped $500 on a Dell U2410 the first time around, i'm sure i would have been thrilled...and then i would be just another statistic - a statistic spouting about how any IPS is better than any TN simply b/c my first experience/impressions with an IPS panel would have been far better than they were with the ASUS ML239H. you kinda have to experience a not-so-good IPS monitor to realize this and not have the wool pulled over your eyes. fortunately i can see that the ugly bezel is enough to turn you off of this monitor - i just don't want you to have a bad experience with your first IPS panel like i did.
look, there is no doubt that certain aspects of IPS panels will always be better than their TN counterparts, for instance viewing angle and color depth (as someone already mentioned). but that doesn't mean that color representation/accuracy is always going to be better. in fact, that was my problem with the ML239H - i couldn't get accurate color representation without making sacrifices to brightness and contrast...and you could rearrange the words "color representation," "brightness," and "contrast" in my previous sentence, and it would still hold true. heck, my Dell U2412M had less-than-stellar colors, contrast, and brightness right out of the box...fortunately they're stellar now that its been hardware calibrated (which unfortunately didn't do the trick for the ASUS ML239H). and that's where the gray area comes into play - if you were talking about viewing angles or color depth only, then IPS > TN always. but there's far more to consider than just viewing angle.
i wish i could advise you better on ghosting/smearing. but i haven't been a gamer in years, and i never gamed with an IPS panel. as for power consumption, isn't that going to depend more on the kind of backlighting than it will on panel type?