It uses an IPS panel where the LG uses a TN panel, the quality difference is quite significant, the panel just can't display the same quality and number of colours.. you usually have to choose between good quality bright colours, or good quality dark colours, but not both, and detail overall will be worse than an IPS panel.
TN panels also have poor viewing angles, which is more of a concern the bigger the monitor and the closer you sit. Something like this:
http://www.lagom.nl/lcd-test/viewing_angle.php for me just looks like a grey field and if I sit back I can't see the words at all, whereas on a TN panel if you move your head around the words will appear different colours.
A TN panel
can be faster for games, but unless you play CS professionally or with 90% of your free time you won't really notice.. input lag due to monitor electronics and processing can be far more significant and that's a function of the monitor not the panel technology.
It is cheaper, and if the image quality doesn't matter as much then TN panels are fine, some people don't notice a difference. Personally I can't stand them and the few times I've gone away from an IPS panel I always have returned the monitor.
Though if it's pure gaming I'd consider a 120Hz monitor, I've never used one but lots of hard core gamers like them, I'm skeptical but wouldn't mind trying one.
http://www.memoryexpress.com/Product...27465(ME).aspx
And personally I prefer 16:10, because 98% of my time at a computer is spent doing computer stuff or playing games, so the extra vertical pixels are useful, and if I do watch a movie they're just black pixels, so no real disadvantage.
A good thread about IPS here:
http://hardforum.com/showthread.php?t=1525269
In general the HardOCP display forum is a great place to go to get reviews on different monitor models.