Says LED on the panel, and they said refresh rate was just fine. Not sure what type of IPS it is, but given the explosion of IPS panels and demand these days I wouldn't be surprised if it was the real thing. $337 isn't cheap, after all.
Also, $337 is not only cheap - it's dirt cheap.
$300 for 24'' IPS is cheap. Courtesy of e-IPS, of course. A Dell U2412M would be an example.
A decent 24'' IPS display, say a Dell U2410, will cost $500.
A high-quality 24'' IPS display, say a NEC PA241W, will cost $1000.
A high-quality 27'' IPS display, say a NEC PA271W, costs $1400.
Welcome to the real world.
yes, 16:9 are cheaper than 16:10