There are 8 ms response time LCD monitors too. But not the 16 ms is the problem. If Sony or LG (or whatever brand name manufacturer) says that their monitors have 16 ms response time, the measured (real) response time could be 17, 18, but not much more. But if a noname monitor's specification states that the response time is 16 ms then it could be even 24 in the real life... and that really sucks when gaming: only 50+ fps.
Besides, at entry-level LCD monitors the lower response times are achieved with all kind of dirty tricks (image blending, fewer colors, etc.). So if you want a monitor for gaming purposes, you have to buy a brand name (and not cheap) LCD or a CRT.