wow that is a pretty impressive monitor...nice design and best stats ive seen for a computer monitor.
This just might be the one.
While the LED backlit LG seems like a decent option, Dell also sells some cheap LED backlit TN based monitors at similar prices.
Nonetheless, the entry level IPS monitors: Dell UltraSharp 2209WA, NEC EA231WMi, Dell UltraSharp U2410, HP LP2475W, and Apple Cinema Displays are going to be much nicer displays.
Since you seem to be leaning towards the cheaper TN panels like that LG, you should take a moment to read up on the differences between the technologies.
http://www.pchardwarehelp.com/guides/lcd-panel-types.php
IPS Pros
Better Contrast (whether it use a CCFL backlight or LED backlight)
Wider Viewing Angles
Less Eye Strain
Wider Color Gamut (True 8 bit color)
No Color Shift
Normally have a longer warranty
Better Dead/Stuck Pixel Policy
Most IPS displays come with height adjustable stands
TN Pros
Cheaper (especially for 24" or larger screens)
Faster response (better for gamers)
Availability of LED backlights without huge increases in price
Basically it comes down to for less than the price of the LED backlit LG, you could have an entry level Pro Monitor either the Dell UltraSharp 2209WA or NEC EA231WMi and for a little more than the LG, you could move up to a 24" entry level Pro monitor, the Dell UltraSharp U2410 or HP LP2475W. Your Eyes will appreciate it too. Also read professional reviews, manufacturers tend to list specifications which are not always true, especially when it comes to contrast and color range.