The panel has connections for DVI, VGA, composite, and S-Video, which makes me think it might work nicely hooked up to a VCR and DVD player. I've got a few handy video sources, so I'll try it out and see how it goes. I've seen this unit on various deal sites for around $550, so if it works nicely for normal video, I'd probably recommend it over a LCD TV (the well-reviewed Panasonic 17" TV is around $800 at Costco and only does 640x480!). It doesn't have any speakers, but I've probably got a few sets hanging around that would work better than anything built into a TV.
Here's a AnandTech review of this monitor from early 2004. They seemed to like it a lot. By the way, yes, giantrobo, I know this can't really compare with the 30" Apple behemoth you got back in January, but it's also doesn't require a second video card or a government grant to work properly either.