I have a Dell SP2309W @ 2048x1152, which I use mainly for gaming. It cost about £200 IIRC and is absolutely brilliant. It's far better than anything I've owned before or used at work. BUT - can things get even better? I've never seen a £400, let alone £800, monitor in action, so for those that have, is it worth paying the extra? If we're talking monitors of the same size, is there an appreciable difference in quality? And is there an optimum size for single-screen gaming? I guess a lot of it's down to personal preference.
The main differences will be related to the technology use inside the monitor TN, IPS, etc. If you sat your monitor next to an expensive one, then you would probably notice that your colours are over saturated, washed out, or something else - but looking at it in isolation you've probably never noticed. Check this out for info on the tech types and their advantages/disadvantages. http://www.tftcentral.co.uk/articles/content/panel_technologies_content.htm