You should definatly have been able to tell the difference if those were the true MS times... Since OMEGA seems to be a well trusted member here, he evn once said he could see the difference between his 8 and i belive the other was 5 during gameplay.
If you dont play games that often then I wouldn't put it into deep consideration, but it would be nice. Birghtness is nice, reslatuions anr't bad for that size, the only complaint(since you say you dont play games to much, but if you think you would get into it more i would still suggest more faster then 8ms, maybe try some at a bestbuy to see what they are like some more) would be the low 1:500 contrast ratio
Just remember your not going to be uprgading your monitor very often(most likey) so it would be best to save(OR in your case for a present, maybe see if you can split it with your parents 80-20 or something, or get less other things as a sacrafice) a little more and get a little better one since your proabally going to have it for years.
You can also convice your parents to pay more since it will save on the electric bill compared to the CRT(Just dont mention its going to be about 2.50 $a month USD)
Also a lower repsonce time wont always cost that much more depending on the model, but for example at newegg(and i relise you cant buy from here, but its just for example purposes)
you can get 2ms monitors starting at 240$
http://www.newegg.com/Product/Produ...rtyCodeValue=0&Submit=Property&SubCategory=20
and they also have a 700:1 contrast, they are not widescreen though, but they are still all 19inches.