On fast moving games he well, such as UT2003. If its a new PC with a good graphics card then it would be a shame to have a slow response time TFT. I would recoment a CRT, 17" Flat or 19" Flat for that price, and save for a 17" Digital TFT (if your new PC graphics card has this output).
If you dont need to save the space, then use the money on a CRT.
Are you buying a PC from a company such as Multivision... etc? If so they sometime offer an upgrade option to a TFT. Ask which model they offer and see if its any good!? Sometimes a £200 with get you a decent TFT upgrade!
Unless as duplo say's it's about the space issue, then you would be much better off buying a top quality CRT monitor such as the 17" Mitsubishi Diamond Pro 750SB rather than a lower quality TFT monitor.
click here and have a look in the forums for TFT displays and gaming.
TFT monitors are now highly recommended for this type of use. I myself have a 17" TFT, it runs through the, "Mad Onion 3D test" with ease, also my laptop will display games and DVD movies with perfect clarity. J.
Great prices and fast delivery. Just look for a good dot-pitch, around .27 is good. I bought a Philips 19" .27 with 85mhz refresh and it's great. 19" is great for gaming and ergonomically better for the eyes.