I have heard that this affordable LCD has a S-IPS panel and supports DDC hardware calibration with ColorEyes Display Pro and the ColorVision Spyder2 device.

HP LP2065: http://tinyurl.com/4p2cdx

Before I buy this, does anyone have experience using this monitor or another with a similar price and specification?

I don't know much about that model, but I have an HP f2105 that seems to calibrate well. I haven't had any issues with it thus far...!