That is a pretty good deal.
I personally have purchased three 19" Sceptre Naga lcds and had no problems whatsoever. One of the monitors has a single dead subpixel, and there's probably 8 years of use combined on the three.
But... I don't think Sceptre's warranty is that good direct from them, and Newegg only allows returns for more than 8 dead pixels. So their is risk there.
On the other hand, right now Dell has the 2005FPW on sale for $424-ish. Plus if you play their silly holiday game every day, you can get a $45 off $400 coupon, making it a bit cheaper. I own a 2005FPW and just bought another one with the current deal. It came out to $421 shipped to Texas after the coupon.
Pros for Dell monitor:
Composite + S-Video input. Much better ergonomics, has rotating, height adjustable stand. In my opinion, the Dell OSD is better than the Sceptres I've used. Dell also supports Picture in Picture and stuff like that. Dell comes with 3 year warranty and in general people can return them if they gripe enough, including for dead pixels.
Pros for Sceptre:
They claim 8 ms response time. Dell's is 12ms gray to gray, 16 ms white to black. I haven't personally noted much ghosting, but by old Sceptres were 25ms response time, so I've just gotten used to ignoring it. Sceptre claims 800:1 contrast versus 600:1 on the Dell. Some people hate Dell...the Sceptre is not a Dell. Early 2005FPWs had some uneven backlighting issues. Newer ones seem to have resolved that.