<<
Correct me if I am wrong >>
You're wrong. LCD's usually have lower refresh rates than CRTs but the thing is, it doesn't matter. CRT's only need high refresh rates because they have relatively short phospor persistance. That is, after the pixel on a TV has been lit by the electron beam, it quickly becomes dim. So, to counteract the dimming, the electron beam has to come by light the pixel again many times per second.
On the other hand, modern LCDs monitors are active matrix LCDs have dedicated transisters that control the signal applied to each pixel at all times. So, LCD pixels don't dim and a high refresh rate is completely unnecessary. In the world of LCDs, high refresh rates are obsolete. The only thing is, you want a refresh rate that supplies enough frames per second to get smoothly animated gaming
I think 60 is enough but if you're a real stickler for smooth animation they go for a higher rate.
What matters far more than refresh rates for LCD quality is pixel switching speed. Look for something around 50ms. Higher values will give you the blurry/ghosty effect that LCDs exhibit when playing video or games. Actually, even 50ms isn't so great but unfortunately, current tech does not allow for much faster. (although that will change within the year as a new lcd technology that addresses this issue is released.)
Now the confucing thing is manufacturers usually link their fast switching speed lcds with higher refresh rates. Thus, a high refresh rate on a lcd will usually be an indicator for fast switching. Confusing!