To reiterate what a few people have already said, the monitor is not THAT expensive given the technology behind it. Other monitors with a similar panel usually cost quite a bit more.
That said, dropping $1,000 CAD on a monitor is not easy on the wallet. Personally, I would wait until Macworld to see if any additional monitors are being released. You never know, Apple may release a 20" version that's a bit cheaper (fingers crossed). I'm looking for an external monitor and the LED Cinema Display has caught my eye as well, but I'll probably wait until the end of summer before I make my decision. This way, I'll know if there are any known issues (e.g. notebook temperature) and I may actually have enough money to buy it.
Most importantly, if you're not in school yourself, find someone who is. The edu discount, in Canada, is $100.