Is this mainly going to be used for games? I would get the LG L227WT (also called L227WTG-PF) or HP W2207 over either of those, due to their glossy coating. The LG is a bit faster and has no input lag while the HP is more widely available.
These 22" ones are all 6-bit TN displays, but there aren't too many good options for 8-bit ones in that price range. One that may be worth checking out is the 24" Soyo on OfficeMax, which until recently used to have a nice MVA panel and was priced very low at $300. Now they're mixing cheaper TNs along with the MVAs though, so it's a bit of a gamble to get that monitor.