15-bit hi-color = 5-bit channels = 32 shades of red/green/blue = 32,768 colors
16-bit hi-color = 5/6/5-bit channels = 32 shades of red/blue + 64 shades of green = 65,536 colors
18-bit color = 6-bit channels = 2^6 = 64 shades of red/green/blue = 262,144 colors
24/32-bit true color = 8-bit channels = 2^8 = 256 shades of red/green/blue (+alpha) = 16,777,216 colors
Shuttle XP17 Preview: A better looking 16ms LCD
As kind of a dirty hack, LCD panel manufacturers have been opting 6-bit LCD panels over 8-bit LCD panels for high response time applications. 6-bit LCDs are capable of quicker response times due to the smaller amount of circuitry. The 6-bit panels are subjected to some particular method of dithering basically to make the image "appear" like 16.2M colors. Don't be fooled; the color saturation between an 8-bit LCD and a 6-bit one are still night and day for some people. Particularly when the brightness is turned up too low or too high, signals near the extreme lights and darks tend to wash out quickly; an issue that we have talked about before.
6-bit LCDs really aren't as bad as some people think, though, since the conversion from 24-bit color to 18-bit color is the last step. A lot of people don't even think 16-bit color looks bad. Keep in mind that running your display in 16-bit color degrades it quite a bit, because internally your video card does everything in 16-bit, so color problems get compounded and you'll see a lot of banding in gradients. OTOH, if you're running your video card in 32-bit color and then outputting to an 18-bit (6-bits per channel) LCD, it's not nearly as significant. Some displays do a better job than others, though, and you should definitely get a peek at a screen in person and not just order it blindly if possible (well, duh!).