Both the Hitachi and Planar are technically 18-bit displays as indicated in the AU Optronics panel spec here:
http://www.acmepoint.com/taiwan/customer-service/pdf/T17A3_spec.pdf
If you go to page 14, you'll notice mention of the term FRC. FRC stands for "Frame Rate Control". FRC is a method of interpolating more colors than a display can actually proudce by quickly alternating between two colors. For example, gray could be created by alternating between black and white many times very quickly. Read here for more on FRC:
http://www.pixtech.com/product/grayscale.pdf
So, we know the panel used in these two monitors is the same, and it's the panel's integrated controller that determines how many colors it supports and how it renders them. Therefore the only real difference (color-wise) is in how each manufacturer chooses to market it. As a related example, you can see that Eizo chooses to use both numbers (actual and FRC-enhanced color depth) in the marketing materials of their monitors:
http://ebiz.netopia.com/flatscreentv/brochure2/list.nhtml
http://www.eizo.co.jp/welcome/products/lcd/comparison/comp05.html
So, after having spent a great deal of time trying to figure out this mystery, I can say with a great deal of confidence that the number of colors rendered is really a non issue, however FRC-related flicker might be. I suspect that the actual pixel refresh rate would have to be several multiples higher than the perceived liquid crystal refresh (60-75 Hz) in order to deliver that extra 2 bits per pixel.
On my CML174, I can see a bit of LCD flicker (not backlight flicker) when I view a single very bright green or red dot on a black background, though it might be likewise for any LCD panel. For pretty much any operating task, flicker seems non-existent.
--Gordo