The Studio model isn't that good, in term of colors sharpness and all.
Those are for people who purely want a big and cheap screen, that's about it.
I've personally compared both, trust me, the ST has totally different red color when both put side to side.

Just wanted to chime in. I'm using a Dell U2312HM ultrasharp IPS monitor.

The panel itself gives pretty decent colors, and the backlight is bright. Viewing angles are typical of an IPS panel.

Biggest problem is that the panel has very high black levels, glows brightly when its dark. Also, the cheaper IPS panels they use appear grayish white when viewed at an angle in the dark.

For professional work, it's outstanding - the good color accuracy makes it okay for video and photo too, but if you're going to game or watch movies on it a lot (which you would probably do in the dark) the halo is distracting. It also looks bad if you have an NV surround or eyefinity setup - I would suggest getting a non-IPS display for those purposes.

The stand is leaps and bounds better than any other manufacturer's stand. Complete adjustment in al directions, very solid.