The screen isn't square, it is wide. The picture looks square because it is on a tilt.
The screen has nothing special about it except being slim from the LED. As far as picture quality goes, LED brings nothing to the table except for reduced brightness and slightly lower color saturation.
You can find 1080P monitors for cheaper than that.
I dont no what country you are from but in australia everything is more expensive then it is in somewere like america or england that is pretty cheap as at the shops it $400 for that monitor. could you please send me a few links of what different types of monitors you could reccomend to me???? nice modern ones please not broing plain ones???????????