Is Acer a quality manufacturer or did I get a lemon?

You cannot rely on specs alone.

Generally speaking LCD panels generally suffers from color fading at extreme angles. This is especially true of LCD monitors using TN panels (some can also invert colors). The Acer you have uses a TN panel.

More expensive PVA/MVA panels also suffers from color fading at extreme angles, but not as much as those cheap TN panels

IPS panels are the most expensive and least used of LCD panel techs. Even less color fading at extreme angles than PVA/MVA panels. Generally considered to have the best color reproduction and preferred by graphic artists.

LCD monitors are not meant to be looked at extreme angles. Also less expensive monitors are more prone to backlight bleeding, but expensive LCD monitors can also suffer backlight bleeding, but to a lesser extent. Generally due to higher quality parts, namely the LCD panel itself.