I had a bunch of credit at Dell after buying some PCs and things, so I decided to check out the 29 inch ultra-widescreen monitor.
For the curious, this is potentially replacing my Dell Ultrasharp 27" LCD.
The screen size on the 27" model is 23" x 14 1/2" compared to the 29" at 26 1/2" x 11 1/4". So you are pretty much trading off about 3 inches of height for 3 inches of width.
Other differences:
The bezel size - 3/4" on the 27" and 1/4" on the 29
LED backlighting on the 29 vs the tube lighting on the 27"
Resolution - 1920 x1200 on the 27" vs 2560 x1080 on the 29
So far the colors appear superior on the 29", but of course it is a few years newer than the 27" with all the advancements in panel technology built in. I haven't really missed the height in games too much, but I really noticed the added width. There's just a lot more on the sides that you would have to run to see before. It really helps in shooter games.
I think if you want to try an ultra-widescreen resolution without investing in 3 LCD monitors and the video cards to drive them, this is a less expensive way to go.