Well, after almost 2 weeks since I ordered it, this VGA box:
http://www.dealextreme.com/p/v2v-pro-video-to-vga-monitor-converter-box-pal-ntsc-secam-45232
FINALLY arrived. While I was waiting, what I did with the monitor in the meantime was connect it to my laptop and then turned it into a dual monitor so that I can play movies as well as do web browsing. A few days later I decided to bite the bullet and bought a cheap 19" HDTV which actually handles retro games a little better than my 32" HDTV. So anyways, here's my quick thought on the VGA box.
I connected it to my old flat panel monitor and then hooked my N64 up to it. My first con is that this VGA requires power and as a result, it means one less power point to connect my other consoles to it. My other problem is that trying to play US games on my 64drive flashcart gives a lot of funky weird scrambled signals. I'm sure a few more tweaking in the options should fix it but it's not high on my "must want" list. PAL games play great and there's a certain satisfaction in playing a game on an SDTV (well, a flat panel PC monitor but it still feels like my old 90's TV) which kinda hides the imperfection that HDTV exposes and blows up to show you.
In conclusion, what can you do with a flat panel monitor? Surprisingly, hooking it up to a PC/Laptop as a second monitor was my favourite but my original intention was to place it in my room as a gaming monitor and unfortunately I didn't like the idea because it means more and more wires crawling over my floor and on my desk. I'll probably end up hiding it in the cupboard like the tech hoarder I am in just in case someone needs a monitor for their PC.