much higher resolution than a 1080p monitor, and it's an ips. very bright and "brilliant" colors. dells have great on screen display ( or settings) as well as great connectivity. many people will compare these to the cheap korean models that you get from ebay, and while the picture quality is close, dell offers a much more polished product with a great warranty, better color reproduction, stand, and options.
this is a good price for the monitor, but if you aren't in the market you probably don't "need" this monitor.
This monitor is S-IPS that has nothing to do with the cost... AH-IPS is the newest IPS released in 2011. The cost of this monitor is strictly based on it's higher resolution. Here is a deal I posted a few days ago for an Asus 23" AH-IPS panel for $229
There is also a 27" version for like $350 which would be considerably cheaper than this dell for a much newer AH-IPS. The Dell however has higher resolution so it costs more. Not trying to crap on the deal because anyone who does any high end editing knows why they would want the higher resolution on the dell but for home use there really isn't much reason to spend $650 on a monitor.