There is no decently priced monitor that compares to a good LCD TV.
Chances are that if you spent about $300 on a 24'' monitor, that it has a TN panel, and they are quite poor. Always make sure you get an IPS panel... and if you are shopping for a TV, ignore it like the plague if it is supposedly 6 bits.
A really good IPS panel monitor will cost about $500, but will be worth it. There will be less black light bleeding, and the colors including the whites and blacks will be more vibrant, lush, yet natural. On the other hand, everything on a TN panel will look washed out.
Essentially an IPS panel monitor will look as good as a good LCD TV.
There is a reason why Scottws' NEC monitor was 20'' yet cost more than a 24'' TN monitor.
So yea, if the price is low, you should understand why.