Is that an e-IPS or S-IPS, any idea? It's got to be an e-IPS at that price (which is OK, that's what the 2209WA is).Cost effective 1080p display recommendation would be the Acer X233H around $190. Not the Dell 2209WA IPS for perfect images and artistic colors, but otherwise very nice, and the Dell is not 1080p.
BTW, if I were to get an IPS panel, it would be the just released NEC MultiSync EA231WMi 1080p IPS Display at around $380.
EDIT: I wouldn't recommend the Acer X233H. I tried one of these during my hunt for a monitor, and it had noticeable color shift just from the top to the bottom of the display, looking head on. It was very distracting.