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I don't know about US usage, but in the UK we used to classify monitors into Grades 1, 2, 3. Grade 1 were top quality broadcast monitors, much as described by @old_tv_nut in the previous post. Grade 2 monitors were also very good but might lack some of the absolute accuracy of a Grade 1. They were often capable of higher brightness than a true Grade 1. Grade 3 was everything else, often derived from a TV receiver. Grade 1 monitors were very expensive, used mainly by "racks" operators who were responsible for keeping the colour accurate in a broadcast. The transmission and preview monitors in the stack might be Grade 1, but possibly Grade 2.
As technology improved, a later Grade 2 would be the equal of an older Grade 1 design. The main exception might be colourimetry, which is difficult to control precisely.
There were many problems when flat panel plasma and LCD displays became common. Getting them to match the colourimetry of a CRT was difficult. Even then, they could often only do it over fairly narrow viewing angles. Very few LCD displays maintain anything like accurate colour over a wide viewing angle. CRT monitors have no such problem.
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