Just an update incase anyone is in the same situation as me.
At first I went with the 22" Samsung 226CW which is the new replacement model for the BW series which had all the issues regarding the "panel lottery" (basically some were great some were terrible). The 226CW costs a bit more than the BW (about £50 more) but I thought since it was the new improved model it would be worth it for the picture/colour quality and guaranteed Samsung manufactured panel. Long story short I was very wrong!, this screen sucks balls!. For a start the viewing angle on it was terrible. I could never find a good position to view the screen from. No matter what angle you view it from the colours are always unbalanced, i.e. top is darked than bottom and vice versa. I know this is common for this type of screen but on the Samsung it was extreme to the point where I actually had to prop its stand with a book to tilt the screen forward to make it at least bearable from my normal seating position.
Other problems with the screen included very bad backlight bleed from the bottom and top of the screen, washed out looking colours and a stand that is not adjustable in any way (hence using books to tilt screen forward). I also noticed it would start to make a loud humming noise whenever I set the brightness levels on the OSD to 40 which was very annoying.
I lived with the screen for around a week and tried all different configurations/setups but nothing ever looked right and certainly not to the standard I had expected for my £280!.
I ended up taking it back and exchanging it for the 22" HP w2207. The HP costs a lot less at around £230. This screen is absolutely AMAZING!!!. I instantly saw a massive improvement in pictire quality over the Samsung. It has a glossy screen which somehow makes colours very realistic and vibrant. HD movies look stunning and with the my 360 plugged in through its VGA input games look amazing too. Also, unlike the Samsung the screen can be viewed from a much larger range of angles without the the colours starting to look unbalanced from top to bottom. Another great thing about the HP is the stand. Its fully adjustable in height, tilt, distance and it even swivels 90° to portrait (it kinda looks/reminds me of Johnny 5 from short circuit, lol). The OSD is very easy to navigate and has a butt load of options and features including custom scaling and five different colour presets. I really can't find fault with this monitor and its WELL worth the £230 I paid for it
So anyone looking for a good quality 22" monitor to use for both PC and 360 I highly recommend the HP w2207. Avoid the Samsung 226CW at all costs!, it wasn't worth half what I paid for it and I reckon its no better or different to the earlier BW series.
Another thing I had a bad experience with while testing monitors was the Mad Catz Xbox 360 VGA cable. Its terrible!. Its not insulated properly and too long so suffers from very bad ghosting. Yes its cheaper than the official one but its not worth the saving as the picture quality it produces is substandard. I returned it and bought the official Microsoft one instead. The official cable doesn't produce any ghosting at all and gives an excellent clear HD image
Hope some of this helps others decide what to go for.