That does seem to be a pretty good monitor for the price. The max resolution does kinda suck though. I would like one that could do 1600 by 1200, but then again I don't know much about the new Xbox and what the games will run in.
If you want to run games like COD2 at 1600x1200, the minimum would probably be a 7800GTX, if you want eyecandy turned up, for recent games, you would most definitly need SLI or 7800GTX 512.
I'm sure the games would look good on it. The thing you want to be careful when buying an LCD monitor for gaming is the Latency. You can't go by the manufacturers rating as it can sometimes be 20ms off. It could be rated for 12ms, but in reality it is 30ms. Check out the roundup of 19in. LCD monitors by Toms Hardware to see what I mean.