If colour is really important to you, don't even look at cheap displays in the $400 range. ALL of those displays use TN panels, regardless of their backlighting. TN panels are crap, especially for colour critical work. Even the slightest movement of your head will change the colours dramatically due to the very poor viewing angle of TN panels.
Do yourself a favour and buy a IPS or PVA panel. Believe me, they are worth it.
Very true, except that your price number is more like "Under $300". Thankfully, you can now actually buy a PVA or IPS panel display under or around the $400 mark. Here's a list of decent (but not amazing) PVA/IPS monitors that are more than enough for most people, but not up to the $1000 NEC Wuxi standards:
Samsung F2380
NEC EA231WMi
Dell Ultrasharp 2209WA
Dell Ultrasharp U2410
HP ZR24w
HP ZR22w
HP LP2475w
You may notice that none of these are LED backlit. You don't need LED backlighting; it has advantages but it does not confer a noticeable advantage to color accuracy, which is your main objective. Generally speaking, in the computer monitor space, the advantages conferred by LED backlighting do not yet justify the price premium. The exception to this is RGB backlighting, found in extremely expensive displays such as the HP Dreamcolor - but now we're talking about the $1800 range.
There are more monitors, but these probably hold the price/performance crown at this time. Certainly one of those will meet your needs, since you don't seem to be well versed in computer monitors. I'm kind of surprised you don't already know what you want, given the software packages you say you use.
If you tell us what your budget and requirements are, we can advise you better.