Yes! This is why SWOP Certification from http://www.color.org is so important.
For a great March 2007 General Discussion on a Monitor's Role in Soft Proofing from "Newspapers & Technology" visit this link:
http://www.newsandtech.com/issues/2007/03-07/pt/03-07_virtual-proofing.htm
Pay special attention to this quote: "Many LCDs that are marketed as color-calibrated or color-managed monitors essentially have their own onboard graphics cards that interpret the color data (8-bit) from the application using 10-, or 12-bit LUTs to optimize color and grayscale gradation."
And therein lies the problem of current High Gamut (non-SWOP certified) monitors -- They have wildly unpredictable color consistency due to the interpolation used in the 8bit to internal 10/12bit conversion to high gamut.
When New Technology Catches Up (and Hopefully Apple's High Gamut Release will do so) then it will be able to achieve SWOP certification.
As Jim says, it is all ABOUT OUR CLIENTS!
Twelve years ago I failed in this SWOP certified process, had a client take me to court over color matching and I lost. I refunded $2,700 bucks. That was the last time. Now I have a true color-matched process that is FULLY SWOP Certified. If I ever go to court again I can make my case on the SWOP certification system as govered by graphic arts guild. I would not loose this time. The extra money for a great-deal Apple SWOP certified monitor pays for itself in ONE JOB.
Can't say that with a cheap monitor.
Thanks for this story. This shows that Dell is more expensive in the long run. If you provide s****** service and products to your clients you will pay multiple times more than you expected from your cheapo Dell-y monitor.
Dell is only good for watching TV and I don't watch much of it either.