Buying 360 Elite and need a monitor to go with it

I've been a PC gamer so far, but ive finally decided to buy a 360, but the problem is that i dont have an HDTV and i cant afford one atm. I currently own a regular 19" LCD monitor but i am willing to spend $350 on a new monitor for the 360. Is that a good idea? Which monitor should i look for in order to view a proper 1080p picture.

I was looking at this one, this is kinda in my range too.

http://www.bestbuy.ca/catalog/proddetail.asp?logon=&langid=EN&sku_id=0926INGFS10107395&catid=26176