Some facts:
(and a few opinions)
Most games these days are widescreen compatible, a few require addition command lin parameters or other tweeks to get the to run in widescreen (BF2/2142 anyone?).
With a widescreen monitor you will see smaller black bars whilst watching a movie compared to a regular 4:3/5:4 monitor. The size of the bars depends on the aspect ratio of the recording.
Some tv programs, most noticably American shows, are still recorded/shown in 4:3, so if you use you PC monitor for watching tv, you will get veritcal black lines on either side with a widescreen monitor.
Most 22" LCDs us TN panels, more about these can be read
here. These are essentially the cheapest and lowest quality type of panel.
My 20" Acer 2051W uses a PVA panel, with full 8bit colour support and a glossy coating. (And heres my opinion), it is one of the nicest LCDs I have ever seen, hence the reason I bought it. However at £350 new a few months ago, it was considerably more than a 22" panel.
In conclusion, widescreen is seen as the way to go these days
You wont have any compatibilty issues, and personally I find them nicer to use than a large 4:3 ratio monitor