Haven't seen both running side by side but you can make some comparisons from the technology used. The E207WFP has a TN+Film panel so you'll get 18 bit colour + dithering and limited viewing angles. The 2007WFP has an IPS panel so you get 24 bit colour and excellent viewing angles, but of course you pay more for it.
The other differences are the extra inputs on the 2007WFP (although you'll rarely use them) and it also has a more flexible stand with height adjust and pivot (meaning you can rotate it vertically). And they're both quick enough for fast gaming.
Of all those differences the only significant one IMO is the viewing angles, the rest aren't important. So it's just viewing angles versus price.