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LCD is fine to use. There are minor drawbacks, mostly having to do with artifacting, ghosting, and blurring - but on modern LCD's these issues are becoming less and less of a problem. You can also look at the specifications for a given LCD and see what its response time is (in ms), maximum resolution/brightness/contrast and pixel pitch.
Note that the most expensive feature of LCD's seems to be their optimum/native resolution. Getting optimum resolutions past 1280x1024 is very expensive, whereas with a CRT, 1280x1024 is a walk in the park.
It's basically the same deal as CRT TV's versus LCD TV's. CRT's are known for low price, high-res, and realistic picture. LCD's are great for light-weight, low profile, and great sharpness/contrast. It's a matter of personal preference if you ask me.
I went to a 19 " LCD which claims to have a 8 ms response time . I don't have any problems with ghostingor bluring and it did improve my game play as I could now see things that weren't visisble with my 4 year old 19 " viewsonic crt