The arcade monitor look is definitely what I will go for. When I was playing 2600 as a kid, I wished that it would look like an arcade game. 
Myself, I don't have room for cabs and settle on TVs. I also need portability as me and others do gaming events at anime cons and stuff. Right now I'm working on a setup for Outrun 2 using the Xbox. I'm getting a pair of 27" Sony Trinitrons made in the last 8-6 years all with component video input. YPbPr 480i component isn't as good as RGB 480i component on a technical level but I'm pretty certian that 99 out of 100 people couldn't tell the difference if they were side by side. It's as close to an arcade quality signal as I can get and I say it does pretty good. The setup will be two TVs side by side, matched pair of racing wheels with shifters and pedals and of course two networked copies of Outrun 2. Even little 11"x4.25" marquees to be printed up and sit atop each television:
http://i254.photobucket.com/albums/hh100/AshleyAshes2/Outrun2Marquee.jpgBasicly, as close to having a racing cab as you can get without actually building a cab.
High quality video input is also a concern. Especially as the LARGER the TV the more apparent that video artifacts, particularly from composite video becomes apparent.