ASUS does make some low cost nice monitors. They are bright and good for gaming, but the colors tend to be lacking especially when you want completely accurate color for real fine graphic apps. But for gaming they are great. My buddy has the 25.5" 2ms model.
That monitor is fine and nice with the rebate, but for fast paced gaming you want the fasted response time you can. I'd stick with a 2ms model if I were you, possibly the one below. In no way would the one you list be bad, but the tendency for ghosting would be higher on a 5ms over a 2ms. And I hate ghosting. I am looking for a new monitor after xmas. I have a 5ms dell 22"http://www.newegg.com/Product/Product.aspx?Item=N82E16824236049