what to look for in a monitor
You pretty much need to make sure that the LCD screen has an S-IPS panel inside. The cheaper monitors, even though they sound fancy, only have an TN screen, which is garbage for color work because contrast changes with just a degree of movement. So when you're looking at a pic, only the dead centre is accurate for color, and anything to the right/left or up/down will have a different contrast and therefore different color.
The other type of screen is I think M-PVA and its not bad, but still not as good as the first type I mentioned. I researched all this a few weeks ago and posted a link to someone else about how to check what panel a particular screen has so look it up in my recent posts.
I ended up with a NEW 20WMGX2 which I am very happy with. Its 20 inchs widescreen, and the only downfall is a glossy screen. You do get used to it and if you set up your work area so that there are no light behind you to reflect, you'll be ok. Its also a multimedia monitor with a built in tvtuner and jazz so thats why it has a glossy screen. But really, for the price and the fact that I could get it locally, it can't be beat. The only other screens in this price range aren't widescreen, so if you need widescreen, I think its either this or you need to spend way more money.