Displays and Projectors : Response time in LCDs

Response time in LCDs

Are the following suggestions myths?

1. The shortest possible response time in LCD TVs is 3 ms.
2. LCDs with the shortest possible response time are produced by "Philips".
3. If response time is more than 5 ms, the scenes with swift motion are getting smudged and simply cannot be crisp.

Please also comment if you know the true info.

Thanks
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