What you're paying for is a decent panel that will be miles ahead of the usual TN rubbish most manufacturers peddle at sizes under 30".
You're getting either an S-IPS panel (best there is for colour reproduction and viewing angles) or an S-PVA panel (still very good, but not on a par with S-IPS).
IIRC I read that a lot of the current crop are the S-IPS, but Dell did the whole "panel lottery" fun and games with this model. You're also paying for an uncommon size, most large monitors are now widescreen.