Does a tv response time affect gaming?

Absolutely. I had played Call of Duty games on my 46" Toshiba for a while, and when I went to my friends how, I noticed that not only were the controls way more responsive, I always played better over there. We couldn't understand why, but it wasn't just me, because he noticed the difference when playing at my house. I just recently was talking to a guy who plays for MLG and he explained response time to me. He told me that MLG uses 5 ms monitors in their tournaments. I had a monitor on my computer in my room that was 5 ms, so I got curious.... After doing some research, I discovered that my Toshiba had an 8 ms response time, and my friends TV had a 5 ms response time. I bought the necessary cables, and now I play my xbox on the monitor, and let me tell you, the difference is astounding.