Pros and cons...
LCD's use a LOT less power. A lot smaller. Picture is basically digital so it's very sharp on a good panel. (Even better if you have a video card with a digital output instead of the normal analog output). No flicker or refresh problems on an LCD. Colors are bright and vibrant on a good panel. Image quality is easily comparable to a CRT, and you don't have to tune an LCD to get ultra-sharp pictures like you'd have to a CRT.
Cons of an LCD...pixels CAN go bad. They're a bit more fragile than a CRT (don't poke at your LCD with a pen!). They're pricier. They can get burned in quicker than CRT's (that is, if you leave the same image on the screen for a while..a long while. A guy I know ran that Matrix screen saver, you know, with the falling weird green characters, as his screen saver...well, it didn't save his screen. It burned that into his LCD panels. ) Their longevity is also in question...ever seen a 5 year old LCD? Probably not. Ever seen a 5 year old CRT? All over. My oldest CRT, I purchased new in 1996 or 1997...still running strong today at 1600x1200, flicker-free. Also, at resolutions lower than the panel's max rated resolution (which is what the panel is designed to do to begin with), the image can look pretty...bad. If you buy a panel that says it can do 1600x1200, you gotta run it at that, because the picture will suck otherwise. It'll look blocky, etc.
The monitor I use now is a Dell 2001FP 21" flat panel. It's worth the scratch to me. I retired my CRT's a while ago (gave 'em to the parents, who were only too happy to get nice big monitors) and from now on I'll only buy LCD's. I'm prepared to deal with the possibility of pixels going bad in return for a better, brighter image while using less energy.
The panel itself DOES make a difference, though. Some LCD monitors suck worse than a $10 hooker. The Dell panels are good. I've tested some other panels like you see in Best Buy and such...they sucked compared to the Dell.