hi
so i have now a 3 year old 223bw and decided to get rid of it.
looking for a newer monitor around the 300-350$ price range.

my candidates are:
samsung 2233rz
samsung p2770hd

the 27" one would be nice cos surface size is important to me but im not sure how much these displays improved the last years? is this monitor capable of showing 4:3 resolutions with borders? will this monitor as good for quake as my current one? how much reaction time is important?

on the other hand, how much difference a 120hz display make? is it capable to operate on 120hz with 1650x1080 resolution all the time or how is this works? is this shows "better picture"? to be honest i couldnt care less about 3d, didnt even saw a 3d movie yet. so how good this 120hz stuff, or is it just the "new thing" what not so revolutionary afterall and manufacturers can price it higher?

sorry for the tl;dr, and thank your for your help!