Got the same reply from nando12. Jez also said that other monitors (e.g. Dells, HPs e.t.c) have had similar problems and that it is frequency related specifically with ATI cards, and the 4850 and x1950 at that. He said that they output frequencies which are unnecessary for DVI so stripping them out and modifying the timings with PowerStrip will make it fine. Which worries me because I don't want to have to use PowerStrip for my monitor to work correctly if I upgrade my card.
The luminance will be reduced from around 330cd/m2 to 230cd/m2 out of the box with the lowered backlight, so quite a reduction in brightness (a welcomed one for the lower black levels).
With regards to white glow, the reduction in brightness should theoretically reduce the glow levels a fair amount but they are also dependent on other things. They said that other options can be tweaked to reduce the amount of glow, and calibration can certainly reduce it, so maybe there is a hidden service menu which they'll use to modify it?
He said about the revised version that it will most probably be released as a new product and therefore replacements or trade-ups won't be available, but it's being considered. Also, the new model will be larger since the power supply will be integrated (for backlight control via the firmware they've modified the setup, and cannot use an SMPS power supply).
All in all, I have no dead/stuck pixels and no green sparking (although I'm using an 8800GTS not an ATI) so I'm filling in the firmware upgrade form, as I think these problems should be solved when Hazro get their hands on my monitor! Although I'll be calling Overclockers tomorrow to make sure I can still return it if I'm still unhappy with it after the updates.