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The benefits go beyond the space issue. The LCD screens don't emit any Electro-Magnetic Fields like the tube versions do and are much less of a strain on your eyes. If you do a lot of computer work like me you will benefit from the upgrade.
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I do. I've been writing code for 15 years, 12 hours a day, sometimes 7 days a week. I have a 21" Sony right now, and AFAICT, my eyes are still halfway okay. :)
But I can see the benefit in decreased eye strain. Problem is, if you do anything at all in development these days, you'll want a 21" monitor capable of at least 1600x1200 resolution. For the LCD guys, you're talking anywhere from $3,000 to $6,000, depending on the quality you desire. There are cheaper 21" LCD's, but most run at 1280x1024 max, which doesn't cut it.