Just got this and I'm impressed with it for the price. It's an IPS for less than 200 at time of writing, which is cheap. LG have cut out the fripperies with this, no USB hub, no HDMI, and the panel is 6-bit driven, but all that pales into insignificance when you fire the monitor up. I say 'pales into insignificance' because when you switch it on for the first time, your eyeballs are likely to be seared into the back of your skull (wtf do TV and monitor makers do that? - leave the factory settings at high?). Anyway, once I'd tamed the beast, by selecting the sRGB profile and running QuickGamma on it, it suddenly became a very decent screen.
I use it mainly for editing photos (not as a pro) and watching videos as well as my usual internetty stuff - for all that, it's more than adequate, it's a very capable performer indeed.
My only gripe is the text purples when you do a scroll - no biggie; when you're scrolling quickly you're not reading it anyway, but it's a slight annoyance. I suppose that betrays the true lag of the pixels - not 5ms as claimed, but somewhere around 15ms from what I see on the reviews. Having said that, I can see no other evidence of lag or ghosting on vids or movies.