what does the ms mean on monitor specs ?

It's a time measured in milliseconds (hence ms) and refers to how quickly a pixel can be switched on and off. Lower is better. But be aware that some measurements are in colour and some are grey-to-grey which will make them seem faster on paper.
 
miliseconds, so a 2ms response time is better then 5ms. It also gives the refresh rate(I think) 1000 divided by 5ms would equal a 200Hz refresh rate?
 
Yeah don't confuse response time with refresh rate. Refresh rate is how many refreshes the screen does per second. Reponse time is more like the time taken from when the screen starts a refresh to when the actual colours it's trying to set are displayed, in other words when the pixels reach the required colour.

2 ms is very quick, but 5 ms is pretty quick too. You probably won't get any significant ghosting on either of those screens. On the paper specs there isn't much in it, maybe the Asus just edges ahead slightly. The stand on the Asus looks a little limited though if that's important.
 
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