Currently i have an HP 22" 16:9 LCD screen which I am thinking about changing. I like to know, is gaming monitor really worth buy and what noticeable difference you can see between gaming monitors and normal lcds or leds?
That would depend on the monitors you are looking at, along with your system specs. No point in recommending a 120hz display if your rig struggles to get 60fps. That said, there is no substitute for a nice panel.
Also, LED is just the type of backlighting. All LED displays have LCD panels.
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Let's say if i have a computer which can easily get 120hz. The difference is worth enough to get a gaming monitor?
If you play games with action like FPS, racing, some RPGS and such, it would be a nice pick.
Visuals itself would benefit from a IPS/PLS display far more though, superior colours and viewing angles, to name the few.
Of course, you could opt for the ultimate combination of IPS, 1440p and 120hz(if you can get a good monitor) with a Korean monitor, my knowledge on that field is a bit limited though, so I'll leave that to the more experienced people to help you with.
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For gaming, If you're average fps isn't up at the 120 mark and you don't plan on doing 3d gaming then there's no point in getting a 120 Hz monitor. You'd be paying a lot of money for nothing. I also haven't seen a truly smooth 120 Hz display. LCD screens just get blurry fluid at that point at least to my eyes.
I'd rather go with a 2560x1440 resolution IPS/PLS monitor that will have noticeably better viewing angles, better color reproduction, and that higher resolution. Apparently, prices aren't that far off from each other at 27" screens for a 120Hz vs 2560x1440 monitor.
Also, I still don't see why you keep saying gaming monitor. That's not a thing. Monitors just come with different specs. You decide on what is important to you.
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