Actually there may be a price reducing in the 24" LCD market because Samsung has developed a 24" LCD panel based on the cheaper TN panel technology. TN panels are typically 6-bit, but there's not reason why an 8-bit TN panel cannot be built.
Right now the cheapest 24" LCD that can be bought is most likely the Acer AL2423Wdr which can be had for $600 + shipping over at Newegg. A 24" LCD using a TN panel may bring an entry levle 24" monitor that's prices in the upper $400 or lower $500. That's my guess.
The potentially lower price of these 24" TN panels may lower the price of smaller size monitors that also uses TN panel technology. But I don't foresee significant price drops.
Just for reference:
Current 24" LCD using the better 8-bit P-MVA or S-PVA technologies are in the $600 - $1,000 range. 24" LCDs using the superior S-IPS (and similar) technology start at about $1,300.