My monitor is also an Acer, an AL2216WBD:
http://www.tigerdirect.com/applications/SearchTools/item-details.asp?Sku=A179-2204
Before I bought it (it was originally my wife's monitor, but she recently got another one when my old crt gave up), I did extensive review searches for this model...as well as Acer in general.
The Acer brand is generally known for being reliable and having few defects, but they are not know for their color depth when compared to other brands. (Even other TN panel LCDs.)
However, since this model in particular was a major upgrade for her at the time, she didn't mind. (And, she said it looked much better.) I cannot, however, give you an honest opinion in regard to color from my perspective, as I am moderately colorblind.
As for performance though, the monitor was in near constant use for a little over a year from its original purchase date of 6/27/07, and since I have acquired it and it has become less used it is still working as fine as it can be.
If you will be placing the monitor somewhere that requires the monitor to have a large degree of vertical screen "tilt" to be able to view it directly, make sure to look at the specs of your model. Mine will only move a total of about 15 degrees.