Personally I can't stand a refresh rate on a CRT under 85Hz. Maybe my eyes are just overly sensitive, but anything less and I notice the flicker. I typically have mine set to 100Hz just to be sure.
As far as a "response time" comparison to LCD's, you can't really do an apples to apples (or oranges to oranges if you don't like Macs

comparison of the two. It would be like comparing framerate to hard drive throughput, they're two different things.
An LCD gets it's response time measurement by how fast a single pixel can change from white to black (or the less accurate white to gray as noted above). A CRT doesn't change one pixel at a time like an LCD, it scans the entire screen, refreshing an entire line of resolution at once. The refresh rate tells you how often (per second) the screen is refreshed. An LCD has an artificial refresh rate of 60 Hz., though this is more for compatibility than anything.
There's more to it, but that's the basics.