Eco/budget person, so I'll provide my take on the floor.

I'm on my third IPS monitor and have just stuck with them because they're mostly good enough, albeit they do have some major flaws.

There's definitely quality on the market above an IPS and other monitors on the market obviously look better (your LED/OLEDs). But they're still a solid, cheap workhorse that usually get the job job done. If cheaper TV models with blacklight bleed bother you, if you want to make out all of the background detail in dark scenes (and with let's say, black hair), if you've already experienced LED/OLED in a TV and want equal quality for your purchase, then an IPS probably isn't for you. If I had to give them a late gen sub-$180 1440p 144hz 27" retired, but still a long good life ahead of them: they'll be a great 2nd monitor regardless, they're monitors that monitor, they are by no means a technically perfect or accurate device and never were meant to be, they're colorful and sometimes obnoxiously vibrant in a way that simply looks good at the cost of accuracy, they're fine for gaming but everyone knows they struggle with making details out with dark scenes, they handle lit scenes pretty beautifully like APEX, they're great for office work, I still wouldn't expect most to complain about their monitor quality on an $800 laptop - but I also wouldn't expect them to be impressed as it's what they've seen for a decade, and you wont exactly say "wow" - but it still looks good enough to watch something on without being distracted.

Aside from backlight bleed, IPS panels do not handle blacks as well as newer technology and it tends to be more of a black blue that's sometimes a bit black violet. You've probably seen a device with a dark black painted bevel on any cheaper cellphone or screen display. Inside that bevel, is of course the iconic IPS monitor that stands out like a sore, glowy thumb that will never be anything more than a glowy black blue or black violent. Still, for everything else it still looks decent and you're mostly only reminded when you see another black screen.

They tend to lose detail in black-heavy and darker scenes, but it's still very consumable. The best way to describe a more quality IPS experience is like looking at the night sky in a city with a bit of light pollution originating from all four corners vs. a dark midnight sky. If you see any purely black loading screen you will be reminded: "I have an IPS panel with varying degrees of sloppy, uneven backlights." But if you're watching a sitcom in colourful scenes, it looks good and you probably wont think twice. Panel quality is huge for the degree of sloppiness. With the current prices, there's not much of a price difference between a low-quality IPS vs. a high one, so go with the high one (like I said, Dell and Acers are often great - but I'm sure it's a bit model dependent). With super dark media in a super dark room, an IPS tends to have uneven corner spotlights that are dependent on viewing angles dependent (usually it's a gray-beige or bluish-white light tone and you probably will see the effect of both at the same time on black loading screens). Again, there is no "true black" with IPS screens. If you're watching something like an animated film that uses true blacks (which is why you often see OLED demo videos with animated movies), you can often see how much it impacts it. With a natural outdoors or colorful APEX scene it's more natural and it's often not noticeable.. until it really is.

You can see much of this effect very well if you search OLED vs. IPS. Albeit, you'll often see examples that are mildly exaggerated due to limitations of the camera itself, the effect on very large IPS screens that compound with viewing angles and look a lot more lumpy (let's say a 50" TV) . With a small 27" panel, you definitely get the uneven spotlight effect and dark purple/dark black blue effect - but it's a lot less "lumpy" than a 50" TV (and honestly, those aren't all that bad of an experience either and are totally still viewable).

So yes, even as someone who enjoys my IPS TVs/monitors paired with me AM5 4070 Ti Super, there's definitely a quality gap jumping up to OLED/LED that's quantifiable. I think we are well past the stage of creators developing specifical for IPS monitors.. so some media/games out there definitely are beginning to stash some worthwhile detail in black areas, so do keep that in mind. I've definitely ran across more content in the past several years where black level details do detract from the scene and assume that more and more creators/creative entities have made the jump themselves and are mastering their products using OLED/LED panels. Still they're the technology I usually recommend for the less tech savvy who just want a TV or monitor who care more about the $400+ and I've never gotten complaints - but they'd probably also agree that OLED/LED look better especially side-by-side. Next time around, I'll probably go OLED/LED, but I'd still have no problem 'maining' an IPS.