If it doesn't matter the wide gamut issue, go to the HP, if not, go to the BenQ.
Some people claims that the wide gamut feature riches the playing experience, but don't forget that wide gamut monitors are intended for photography and graphic designers and they will show oversaturated colors, specially reds and greens, in non color-managed applications. Currently, there are a few applications that are color managed, like Photoshop, Acrobat and Firefox 3. In applications non color-managed, you'll see oversaturated colors, including the Windows Desktop. However, Windows Photo Gallery of Vista is color managed.
The HP LP2475w is a very good monitor, better than the BenQ for sure, but its sRGB mode is a PITA. The sRGB mode does not work at all, and you'll see oversaturated colors even in this mode.
It's a personal taste to like the wide gamut monitors or not. If you're not absolutely convinced, get the HP from an online store with refund guarantee. If you don't like the pure colors of the HP (BTW, wrong colors), send it back and buy the BenQ.
What is this sRGB mode? Is there no way to change settings so it isn't oversaturated?
if possible, go to view both monitor in person...
i personally got the BenQ FP241W and it is great (at least comparing to TN panel monitor)
make sure your calibrate it :D
I definitely would, but it is not possible for me. So how is it for gaming? Can you feel the lag, like you supposedly can on 2408WFP?