"TN" and "16.7 million colors" on the same specs sheet.
You have 3 main panel technology, IPS, PVA and TN. Sadly, and hence your colors sucks, as TN panels are aimed at people who don't care about anything other than the lowest price possible. Not only low-end LCD liquid is used, but also the panel, TN, has a limitation in only be able to provide 6-bit color per channel (red, green and blue are all channels each). While IPS and PVA (and are dear old CRT monitors (the one with the big tube on the back)), all output true 8-bit color per channel. The difference is that your TN panel only provides 262,144 colors in reality instead of 16,777,216 colors.
The reason why your TN monitor can output 16.7million colors is because what it actually happen, is that on colors it can produce, it takes 2 colors that it can produce from it's pallet, and switch between them really really fast up to the speed of the monitor response time.
Sadly for your wallet, your eyes can see several billion colors and you have a kick ass visual processor, so that trick doesn't work.
In many "Monitor Advice" thread I talk a lot about the difference between a TN and PVA/IPS panel. You should check them out.
IPS panel and PVA as they are good monitors in comparison cost more to produce due to their better back-light dispersion technology, high-grade LCD liquid, high-end CFL light, more features, solid build, non-glossy screen, and usually features a fully adjustable stand which as you guessed it, cost a lot more than your plastic wobbly stand that you have now. Another benefit of going with an PVA or IPS panel, is that you have 178 degree view angle, and no mater how you turn your screen, it's still very sharp. I don't recall anyone here being disappointed by their IPS or PVA panel purchase.
So in conclusion, it cost more, but it's worth every penny.
This might interest you:http://www.youtube.com/watch?v=Dw0acUxMaKohttp://www.youtube.com/watch?v=DP7C00BIzH8