The monitor in questions is a 7ish year old 24" BenQ FP241W LCD monitor with a 1920x1200 resolution.
Over the past few weeks it has started to - seemingly - fail. The symptoms are that when the monitor turns on (either waking up from sleep, or being turned on after being off all night) the colors at first appear to be correct - for between 1-10 seconds typically - but THEN (shortly after turning the monitor on) the screen colors (vibrance, saturation, etc) changes and the display reverts to something between 256 colors and just being extremely washed out (for lack of a better term).
I have attempted multiple PCs, different inputs on the monitor, and different graphics cards - all with the same issue. I even tried taking a few screen shots - and the screen shots appear correct when viewed on other monitors (so this is a monitor hardware/settings problem). I also attempted resetting the display to factory defaults, and tried different display modes (movie, user, photo, etc). The issue has been persistent through all of these tests.
So, does anyone have any idea on what is failing? Video driver board? I'm just trying to figure out what the probable issue is so I can decide if I want to attempt a fix, use it as-is for text only (it's pretty useless for anything with graphics), or just plan to scrap it.