It's an IPS panel, P-IPS to be exact. It provides an amazing image quality compared to anything you've used. Makes your monitor look like garbage. The panel type results in ghosting (low response times mean less ghosting but the advertised numbers are usually pretty twisted, not very true. Can't trust the numbers, only the specific panel. Gotta research to find info on it) a bit, but nothing very severe.
7ms is not awful by any means. As I said, it relates to ghosting. A lot of TN panels have a lot of ghosting anyways, although they are advertised as 2ms, like my main monitor.
I'm afraid you've fallen victim to the marketing if you actually base your opinions on the marketed specs. Usually they are very far fetched half truths. For example, the "2ms!!!!" is measured in gray to gray, which doesn't mean much. Black to white or vice versa would be required.
If the monitor is marketed as "2ms", it's not too good. If your monitor says "2ms", it's not a good thing. That means that it's with almost a 100% probability a TN panel, which means that the image quality is garbage compared to IPS. Even while browsing, IPS provides a better experience. Often so much that you never want to go back to TN
Exactly why I'm wanting to get an IPS panel as soon as possible. Can't stand this horrible TN