I like LCD monitors better than CRT's for the following reasons:
Use less power
At there native res have a very sharp picture
Use less desk space
Are more reliable (at least for me)
don't get affected by cordless telephones etc
Are easyier to transport to lans
have less of a border for multimonitor
height adjustment
portrait mode

For flight simming you will be looking for panels with specs like this:
20" (so much better than 17" seriously and have "normal" aspect ratio)
native res: 1600x1200 (nice and high and a standard resolution supported by most games)
connection: DVI (although VGA dosen't apear to produce lower quality images in therory it should)
response time: 12ms (anything less I personaly don't notice, although lots of manufactures lie about response times!)
contrast: 500:1 (higher numbers are better)
Brightness: 300 cd/m2 (higher is brighter, but very bright monitors may hurt your eyes)
a reflective screen coating looks awsome but itn't suitible if you game with the sun (or moon) shining onto your screen or any bright light sources.