It might be, I really don't know. I have half a dozen cheap 22" widescreen LG monitors that I bought from Comet for about £129 each a year or two ago, and for general PC use (browsing the web, or whatever) they're great, but they're impossible to calibrate accuratetely so that several monitors on the same PC are all showing the same colour & contrast accuracy and consistency.
IPS technology, or lack thereof. This basically means that as you move your head around in front of your monitor, the image on the screen does not change - which is what you're paying the extra for; a much wider viewing angle with consistency.
If you look at most cheaper monitors, or laptop displays, that aren't IPS, and fill the screen with a solid colour like 50% grey, you can see that there is a difference in brightness between the top and the bottom of the screen without moving anything but your eyes; and if you suddenly stand up in front of your non-IPS monitor from your nice comfy chair, things go really off (white goes blue, grey goes white, black gets white halos around it, etc).
Even if you try to calibrate a non-IPS display with something like an EyeOne Display 2, it'll never be accurate, simply because of the limitations of the technology.