I was a long-time fan of large CRTs vs. LCD displays, but once I made the switch, I have never looked back.
Here are some of the advantages of an LCD screen over a CRT:
1. Less desktop space (especially depth) is wasted.
2. Lower power consumption, so less heat is generated.
3. Larger display area as compared to an equivalent size CRT.
4. Unlike a CRT, the Pixels don't fade between refresh cycles, so there is less eyestrain.
To expound on number 3 above...
An LCD does not have the large dark borders around the screen display area like a CRT, so the displayed picture is usable all the way to the bezel or frame of the monitor.
Also, the methods for measuring an LCD's size are different. A 19" LCD has about the same display area as a 21" CRT.
However, a standard 19" LCD has more display area than a 19" widescreen LCD.
Here are some of the disadvantages of LCDs as compared to CRTs:
1. Generally lower contrast.
2. Somewhat lower brightness.
3. Some pixel bluring in rapid motion sequences.
All of these deficiencies can be avoided by focusing on the monitor's specification during purchase. More below.
Another thing to note is that an LCD works best at a single "Native Resolution".
A standard 19" LCD usually has a native resolution of 1280 x 1024 pixels.
Changing the display resolution to anything other than the native resolution will still work, but it will result in a loss of display quality.
This is a physical limitation of the technology relating to the dot-pitch of the pixel cells.
Best to leave it set at the native resolution unless the game won't support it.
So what should you look for in an LCD monitor?
1. Size - Bigger is better. Minimum 19", 21" to 23" is better.
2. Pixel Refresh Rate - Lower is Better. Minimum 8ms, 4ms is better.
3. Pixel Pitch - Smaller is better. Minimum .295mm, .265mm is better.
4. Contrast - Higher is better. Minimum 500:1, 700:1 is better.
5. Brightness - Brighter is better. Minimum 300cd/m², 400cd/m² or higher is better.
6. Both Digital (DVI) and Analog (15-pin VGA) input connectors.
7. Front panel mounted controls.
8. Fully adjustable for ergonomics - Height, Tilt, Swivel, and Rotation (Landscape vs. Portrait).
9. Stick with a Brand name you recognize. NEC, Dell, Samsung, Viewsonic, etc. Quality and service are generally better.
How much should I spend?
This is relative...how much did you spend on that old CRT when you bought it?
Like anything else, you generally get what you pay for, so shop around and compare prices.
Try not to shop on the basis of price alone, and be prepared to spend in the neighborhood of $250-$500 or more if you can afford it.
Good Luck!
CptA