I have an Iiyama Vision Master Pro 454 19” CRT, it’s a beast in just about ever sense of the word. I have had it now for at least 4 years and brought it at a time when owning a LCD made no sense if you were a gamer however I knew when I brought it would be the last CRT I will buy.
LCD technology has moved on greatly in recent years, and LCD are perfectly acceptable for gaming and are as good as the last generation of CRT monitors. But don’t think that the old problems have gone away, if you buy a dirt cheap monitor expect dirty cheap performance, however a decent gaming LCD won’t kill your wallet, £200 to £250 will get you a decent 21”-22” widescreen LCD monitor.
As for the advantages there’s the obvious one were an LCD takes up less space on your desk, it’s flicker free, there non reflective, they use less power and are more environmentally friendly.