If you want to test for contrast shift, etc, go to this thread and look at the 4 color patches. I have never seen such a simple and effective test. On a TN panel, all the colors will shift as your viewing angle changes. For example, start by looking straight on at the screen, see the blue and purple patches on the left, then move your head down so you are looking somewhat up at the screen. At a certain angle the purple patch will start to lose it's red component and become more blue. Eventually the two patches will become an almost identical shade of blue. THis does not happen on the 24"
https://forums.macrumors.com/posts/4030968/
I went to the Apple store yesterday and pulled up this page on both the 24" and 20" imacs (2009). The 24 shows almost no change at all in the four color patches when viewed from any angle (actually pretty amazing). The 20" shows drastic shifts at any angle greater than about 30 degrees from center.
The test very clearly and easily demonstrated the difference between the IPS and TN panel. It has nothing to do with the number of bits, just the technology used.
I just bought a mid 2007 20" refurb. Haven't decided if I'm keeping it yet. Just set it up this morning. The same pattern looks at least as good on this monitor as the new 2009 20" with the possible exception of the 2009 being brighter. I do not see any more color shift on the 2007 panel.
So my observations (so far) are that the 2009 screen is not better quality than the mid 2007. I plan to calibrate it using eye1 later and do some more tests before deciding if I will keep this or upgrade to the 24".
The 24" screen is truly amazing. I can't get over how the colors all hold rock solid at any angle, but I've got to admit, the 20" 2007 I'm looking at right now is pretty darn excellent too, at least for a TN.
More later, if I learn any more.