Sure, the content is changing, but the game is not sitting there flashing back and forth between black and white as quickly as it can.

No, only the most critical parts of the image are doing that: The moving edges that define the objects I want to shoot at and need to see the most clearly.

I agree that it all comes down to whether your particular game looks good on the particular screen or not. I'm just saying if there's even the slightest hint of visible ghosting, I wouldn't use the panel for fragging.