I put a new 19" LCD arcade monitor (from Happ) in my cabinet. I love it, but I ran into a few small issues, or quibbles, I didn't expect. . .
The aspect ratio is not a true classic 4:3, which means everything was just a little distorted. (Turns out this is common to SVGA computer monitors, but I just never knew it before.) Most people would never noticed, but it bugged me. I eventually found that if I put Windows into the monitor's native resolution and made sure MAME didn't change it, then I could get it to "letterbox" the image with small black bars at the top and bottom, and the correct aspect ratio.
The LCD is very bright but doesn't produce a truly dark black background -- which actually makes it better than a CRT for use in well-lighted areas. (If only the machines at the convenience store back in the 1980s had LCDs, they would have been easier to play!) If you put it into a dark corner, where an arcade machine belongs, then the gray background can be annoying. For the old timey space games, it's a bit like playing in the fog. I tried putting a bezel of smoked glass over the screen, as somebody else here on BYOAC suggested, but the results were mixed. It darkened the background, but it darkened everything so much, I then had to adjust the monitor and video settings to compensate, and that made the background lighter again. . . I eventually put a non-smoked bezel on and decided to live with the fog. (From past experience, LCDs get darker as they age, so it may look a lot better in a couple of years than it does now.)
I have a rotating monitor, and when it's turned vertical (clockwise from the standard position), then the viewing angle becomes marginal. It's actually the two-player games where this is a concern -- for the player on the left, for player one, it's still playable but the image is just starting to go a bit dark-and-funny from that position.
I wouldn't use one in a cocktail cabinet, I'd be too concerned about the viewing angle issue.
Aside from that, I highly recommend the LCD monitor. It's compact, lightweight, doesn't require degaussing, and made my rotating monitor rig surprisingly easy to design and build. It's not "authentic" for CRT games, but looks great anyhow and probably handles vector games better than most CRTs, due to its sharpness.
The purpose-built arcade LCD from Happ made things really easy, from an installation standpoint. It's a solid piece of gear.