In my experience you just can't recreate an authentic arcade feel with a moderm PC monitor. This is where the ArcadeVGA card is a great addition (http://www.ultimarc.com/avgainf.html)
It allows you to output from a PC at 15hz to a standard arcade monitor or TV. In my previous build I had an authentic arcade monitor, this was great with the exception of the massive electric shock it gave me whilst holding a knife (not a good combination), and the horizontal scan drifting.
I later replaced it with a 21" 4:3 television, and soldered a VGA cable to a scart lead, which the ArcadeVGA card happily output to. I was not able to tell the difference between the TV and the arcade monitor.
The problem with a TV when compared to a LCD monitor is the depth, and if I'm trying to keep the Minicade to scale a deep TV might make the proportions of the cabinet look wrong.
If anyone can suggest a good small TV or LCD please let me know. Something around the 10-12" size.