18 bit "color depth" is an overkill 
Each pixel on a panel can be seen as three small dots of light. Red, green and blue:
A "white" pixel is a combination of all three dots sending out "equal" amounts of light. Any color is a combination of the three dots emitting light at different levels. A "blue" pixel is a pixel where only the blue dot emits light, whereas the red and the green dots are turned off. If you look at the image above, the blue dots are not completely blue. They seem kind of purple. Therefore the bluest blue such a display can show isn't pure blue. Normally when speaking about color and displays we use the expression called Gamut. There is a limit to the amount of colors the human eye is able to see. You can picture it graphically like this:
The rainbow like shape is a representation of all the colors. It's not exactly true, since we're looking at it on a display that isn't able to show all the colors. Notice the triangle(s). Each corner of the triangles could represent each of the RGB dots of a pixel on a display. Look at the top corner of the triangle. It's almost completely green, but looking at the colors behind the triangle you can see that there are colors that are even more green. The corners of the triangle shows the purest red, green and blue that the panel in the display is able to create, when the other colors are turned off. The colors inside the triangle are the colors it is possible for the display to reproduce, and those colors are called the gamut of the display.
It would be obvious that we all should buy displays with as large a Gamut as possible, but that is not the case. First of all a "wide gamut" display is only able to display the colors that is sent to the display from the computer, TV tuner etc. These are normally quite limited, and well within the gamut (triangle) of a normal sRGB panel. Secondly the colors outside sRGB gamut are too saturated for most people. Finally wide gamut displays are expensive, so go for sRGB unless you have very special needs.
Each colored dot in a pixel can be turned off or on, but they can also be turned up to say 50% of what they can maximally emit. If we imagine that all three dots are set to 3x50% then the pixel will look grey, at 3x100% it will look white and at 3x0% it will be black. This is where the bit color depth comes into play. Disregarding the colors for a second: If the panel has a bit depth of one, then it can only show black or white. If it has a bit level of two, then it can show black, white and two levels of grey. 4 levels in all because 2^2=4. A 6 bit panel can show 2^6=64. If you look at a greyscale gradient at different bit depths it becomes clear why low bit depths create banding:
(click for large version)
Notice that on an 8 bit panel, you cannot see any banding, so any bit depth over 8 is money wasted.
So the best bang for the buck is an 8 bit IPS panel with a framerate you can live with. If you have more money you can increase the size of the panel, but you can also just move closer to the display, because it all comes down to how much of your field of view (FOV) that is covered by the display. With a TV, where you typically watch it together with other people you can't, but a 24" display seen from 70 cm distance, covers more of your FOV than a 30" display seen from a distance of 2 meters, (exaggerated to illustrate the point I'm making). A large display looks impressive, but you need to sit further away from it, or you'll have to turn you head a lot.
That was a lot of info, but if you follow these guidelines, you'll get what you want and need. Be careful with the manufacturers specs. They don't exactly lie, but not telling the whole truth is kind of the same. Use your likeminded friends on the internet, and once you find a display that you like, ask them
Each pixel on a panel can be seen as three small dots of light. Red, green and blue:
A "white" pixel is a combination of all three dots sending out "equal" amounts of light. Any color is a combination of the three dots emitting light at different levels. A "blue" pixel is a pixel where only the blue dot emits light, whereas the red and the green dots are turned off. If you look at the image above, the blue dots are not completely blue. They seem kind of purple. Therefore the bluest blue such a display can show isn't pure blue. Normally when speaking about color and displays we use the expression called Gamut. There is a limit to the amount of colors the human eye is able to see. You can picture it graphically like this:
The rainbow like shape is a representation of all the colors. It's not exactly true, since we're looking at it on a display that isn't able to show all the colors. Notice the triangle(s). Each corner of the triangles could represent each of the RGB dots of a pixel on a display. Look at the top corner of the triangle. It's almost completely green, but looking at the colors behind the triangle you can see that there are colors that are even more green. The corners of the triangle shows the purest red, green and blue that the panel in the display is able to create, when the other colors are turned off. The colors inside the triangle are the colors it is possible for the display to reproduce, and those colors are called the gamut of the display.
It would be obvious that we all should buy displays with as large a Gamut as possible, but that is not the case. First of all a "wide gamut" display is only able to display the colors that is sent to the display from the computer, TV tuner etc. These are normally quite limited, and well within the gamut (triangle) of a normal sRGB panel. Secondly the colors outside sRGB gamut are too saturated for most people. Finally wide gamut displays are expensive, so go for sRGB unless you have very special needs.
Each colored dot in a pixel can be turned off or on, but they can also be turned up to say 50% of what they can maximally emit. If we imagine that all three dots are set to 3x50% then the pixel will look grey, at 3x100% it will look white and at 3x0% it will be black. This is where the bit color depth comes into play. Disregarding the colors for a second: If the panel has a bit depth of one, then it can only show black or white. If it has a bit level of two, then it can show black, white and two levels of grey. 4 levels in all because 2^2=4. A 6 bit panel can show 2^6=64. If you look at a greyscale gradient at different bit depths it becomes clear why low bit depths create banding:
(click for large version)
Notice that on an 8 bit panel, you cannot see any banding, so any bit depth over 8 is money wasted.
So the best bang for the buck is an 8 bit IPS panel with a framerate you can live with. If you have more money you can increase the size of the panel, but you can also just move closer to the display, because it all comes down to how much of your field of view (FOV) that is covered by the display. With a TV, where you typically watch it together with other people you can't, but a 24" display seen from 70 cm distance, covers more of your FOV than a 30" display seen from a distance of 2 meters, (exaggerated to illustrate the point I'm making). A large display looks impressive, but you need to sit further away from it, or you'll have to turn you head a lot.
That was a lot of info, but if you follow these guidelines, you'll get what you want and need. Be careful with the manufacturers specs. They don't exactly lie, but not telling the whole truth is kind of the same. Use your likeminded friends on the internet, and once you find a display that you like, ask them
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