The 2408 probably will be a nice monitor for color work, but only after it is calibrated!
I have the old 2407, and after setting up a new MP (2@Quad 2.8, 10 GB, 2.3 TB), I needed to add a second 24" monitor for color work. Researched a bunch, and finally decided to buy a Eizo CG241W. Cost as much as the MP, but it is nice to have a highly rated LCD.
Regardless, I am amazed at how well the calibrated 2407 holds up to the Eizo. Note that the uncalibrated 2407, using the built in profile from 10.5, is utter crap - these images show up as bold and contrasty and may seem good, but when you switch to a real custom calibration the detail in dark areas "magically" appears.
So when buying a 2408 for photo / color work, you have to factor in the cost of the hardware calibration system - do this, and you should get 80-90% of the way to a top end monitor like the Eizo.