Well, I think you may need to turn that view around. There is no such thing as IPS panels have poor contrast ratio. If you can point me to a TV that exhibits such behavior, then we have something to go with. Does a good IPS based TV have such poor contrast ratio that it is simply unwatchable? No. Far from it. There are so many TV's in the market sold with IPS panel. If the technology had inherent problems with contrast, then you would not see it in the market.
It also boils down to the quality of the panel. A cheap TV with an IPS panel will tear its images apart. The more accomplished ones will present an image that will truly stand out. It will stop you in your tracks. These cannot be judged or understood by YouTube and Internet reviews.
I have mentioned this several times. Measurements are good as a guide. In the end, go and see (or view)/listen to the product yourself. If you have a bright lit room or you have a lot of light coming in through windows, you want a bright, non reflective (or least) panel. On the other hand, the same panel should not make your eyes bleed when the environment is dark. Relying 100% on just the published nits value is of little use.
Good contrast allows for content on the screen to stand out. You want jet blacks and no white shadow coming in the way.
Read
this article when you have time. It explains in the most layman way on how one must interpret all these numbers. The author talks about the importance of nits and also says it is not the sole reason or value you must take when choosing a display.
To answer your original question, if its going to be your primary TV, a Panasonic HX/JX/JZ series is leagues ahead of that Philips.