If you want similar colour reproduction from and LCD compared to what you get with CRTs, you need to look at the more expensive models. Virtually all models that sell for $400-$500 and under are the cheaper TN based monitors, especially those in the 22-24" range, that aren't very good with colour. The best colour reproduction come from those based on MVA/PVA or S-IPS LCD panels.
A quick way to tell what type of panel the monitor uses is to check the viewing angles. TN monitors have viewing angles in the 160/160 or 170/160 horizontal/vertical range, whereas the xVA and S-IPS models are around 178/178.