IPS (In Plane Switching) is one of the two main types of LCD monitor technology you encounter nowadays, the other being TN (Twisted Nematic). IPS is typically more expensive, but produces much higher display quality, with better colours and much better viewing angles.
Most of the high-quality smartphone and tablet screens you see are IPS panels, whereas most regular desktop monitors are TNs (which is quite adequate for typical PC use and gaming).
Aside from extra cost, the main downside of IPS is slower refresh and response rates (mostly an issue for gamers). Other than that, for display quality, IPS is definitely the tech to aim for.
PC Gamer have a nice guide to monitor tech here, which goes into more detail
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