First) It is better to go for colour monitor because:
a) it has colours(obvious reason)
b) it has better resolution. monocrome monitors can go upto 800x600
c) it has low refresh rate. Refresh rate refers to the rate at which the screen’refreshes’ itself. the Tv’s refresh rate is about 50 Hz thats why your eyes burn when you watch it from close distance. Colour Monitors have better refreshrate starting from 60 Hz to 150 Hz or more. As a thumb more the refresh rate better it is for your eyes and longer you can stay in front of computer without eyes strain.
d) It not made anymore by quality vendors: sony samsung, LG all have discontinued to make Black and white monitors
e) no resale value
Now about my LG monitor 17’
It has following advantages as compared to 15’ and 14 ones
1) flat screen looks better and good to show off too
2) very high refresh rate goes upto 150 Mhz so very good for eyes
3) very high resolutions supported 1280x1200
4) digital button with a menu driven interface to adjust contrast, colors(RGB) etc.
5) Anti glaire - yes it works.
6) supports power off
7) it good to watch VCDs as its BIG!