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Pros: Great size, low input lag (selling point for me), and the stand even makes a great place to put your 360/PS3 controller when not in use.
Cons: Uneven backlight throughout the screen, but it's very faint. If you're a gamer, you don't care, nor can you see it. The last monitor I owned (an LG) had very strong backlight bleed on the edges and it was quite distracting. Not on this one.
Other Thoughts: Potential problem with the HDMI. When I hooked up my XBox360 to the monitor through HDMI, there was a noticeable flicker on brighter screens. It might only do this with an XBox, or maybe it's even the XBox's fault, but it could be something you might want to look into if plan on using the HDMI. The 360's optional VGA cable fixed that right up, though.