What does it mean for a monitor to have 350 cd/m2 80,000,000:1

Just wondering what this means. I'm assuming it's a good thing because it comes from a fairly expensive monitor but, i was wondering what it all means. 

cd/m2 is short for Candela per square meter, Candela being the SI unit for luminance intensity. The simplified explanation is how bright the monitor is. The <very large number>:1 is the contrast ratio, which is a ratio of how bright the colors are compared to the blacks - the higher the contrast ratio, the more pop the colors have.