TLDR: Good with 1-2 question marks but expensive, so also consider the LG 32GP850 which has almost the same panel and is cheaper.
The model was released in April (2022) and was purchased for 480 Euros, which I consider to be a lot, but 32" IPS 1440p 165Hz is a very limited market with few options. I was torn between this one, the LG 32GP850, and the Gigabyte M32Q.
Overall: Like other Dell IPS monitors, it uses LG's Nano IPS panel, which is relatively new technology and is considered to be of excellent quality. Compared to other IPS panels, it has a wide color gamut but slightly lower contrast.
Build:
A) Exemplary build quality, so much so that you feel like you bought an Alienware series instead of a Dell series. Extremely high-quality, thick plastic from the base to the top.
B) The stand has a very convenient shape so that it doesn't take up half of your desk, and it has many adjustments to bring the panel to the exact height and angle you want.
C) It has "holes" on the top and back to allow for airflow and prevent excessive heat buildup.
D) It has a very subtle blue LED backlight on the back, which cannot change color and currently cannot be turned off (maybe it will change with a firmware update), but it is not at all bothersome, and most of the time you won't even notice it.
Panel & Image:
Resolution: 1440p on a 31.5-inch screen means 93 PPI, which is not bad, it's just the baseline. With Windows Clear Type, the text will always be crystal clear, and most games support anti-aliasing, so don't be scared of the PPI. Besides, with a 32" screen, due to its size, you will be sitting further back than with a smaller monitor, so you will never see a pixelated image or anything similar.
!! I only encountered a problem with the resolution and PPI in some movies where 1080p didn't look good at all on a 31.5" screen, and I had to find them in 4K, as there are no 1440p movies. For this reason, streaming services like Netflix, which offer their content only in 1080p or 4K, may possibly recognize your screen as 1080p if it's not 4K and then not allow you to watch streaming content in 4K, causing issues.
Also, for anime, since they are not available in resolutions higher than 1080p, I had to find a video playback program with custom shaders to make them look satisfactory (https://github.com/bloc97/Anime4K).
Colors: LG's Nano IPS panels allow for a wide range of colors, which is useful for professionals and those who love oversaturated colors. Unlike many other companies, Dell tends to have properly calibrated colors from the factory on most of its models, and the same applies here. Beyond that, you can adjust them to your liking through the Menu/Nvidia Control Panel. Color calibration with hardware may only be necessary for very specific professionals.
Contrast: Like all IPS monitors, it has low contrast, and because the drawback of Nano IPS panels is lower contrast compared to other IPS panels, it will be at 850:1 instead of 1000 or 1100:1, but the difference is really small and not particularly noticeable in the image.
Brightness: The monitor reaches an extraordinary brightness of 550 nits in SDR, and although it is HDR400, it can reach up to 600 nits in SDR.
HDR: Without huge Contrast, 1000 Nits and independently illuminated Pixels, something that currently only OLED technology has, there can be no substantial HDR. However, due to the good brightness in HDR, you will see (always small) differences between SDR and HDR in some games and movies. There are 3 different HDR presets in the Menu settings for you to experiment with.
Refresh Rate: The screen can run simultaneously at 165Hz 1440p and 30-bit color via Display Port. LG's Nano IPS panels are considered the fastest IPS panels on the market, and as you can see in corresponding tests (UFO, etc.), motion blur is much smaller compared to other panels.
Adaptive Sync: The screen is G-Sync Certified and G-Sync worked flawlessly for me via Display Port (of course, a G-Sync Native will always be better, but the differences are small). I don't have an AMD card, so I didn't test it with FreeSync.
Menu & Settings:
A) It has a joystick + 4 buttons for navigating the menu on the back, while something that impressed me positively is that, unlike most monitors that open/close from the joystick or a similar button on the back, here there is a separate button with illumination on the bottom front of the screen for Power On/Off.
B) The menu has many settings that I won't explain in detail, but I will focus on 2 points:
1) I would like the menu to display the current settings at the top as soon as it opens, such as whether HDR or G-Sync is enabled, etc., like in other monitors.
2) Other monitors in the same category provide various crosshairs to choose from in the menu, here there is only one and it literally covers half of the screen. I don't understand how this happened, but it can easily be solved with a firmware update to the menu, which has not yet been released.
3) There is a setting called Uniformity Compensation, which is supposed to make the color even more uniform from the center to the edges of the screen. I didn't see any difference, and this setting reduces the Contrast to 1:650 (!), so always keep it off.
4) Backlight Strobing (Motion Blur Reduction) technology is not available because it causes issues with Nano IPS. LG introduced it for the first time in the GP850 series monitors, but the implementation is not good. If you don't play FPS games at a professional level, you don't need Backlight Strobing, and it can even cause headaches for many due to the flickering it causes.
5) The settings I have are Brightness 95%, Contrast 85%, Sharpness 90%.
Connectivity:
A) Two HDMI 2.0 ports, there is no need for 2.1 for consoles as the monitor is not 4K.
B) 1 Display Port 1.4 port with DSC to have 165Hz and 30-bit RGB color simultaneously.
C) 1 USB 3.2 Type C port, either for device charging or to connect it to the PC and allow data communication between the PC and the monitor for firmware updates or to use Dell Monitor Software.
D) 1 USB 3.0 port for device charging and 1 USB 3.2 Type A (USB Passthrough) port, which can be used for USB sticks, headsets, mice, etc. when the USB C is connected to the PC.
Issues:
A) IPS Glow: It is very difficult to find an IPS monitor without Glow, impossible with Nano IPS as it is slightly more susceptible to it. With brightness at 95% and in a dark room, my panel has significant Glow only in the lower right side and is only visible in quite dark scenes.
There is scattered glow and the rest of the panel is weak, but it doesn't bother me even in dark scenes. Also, don't forget that unlike Backlight Bleed, IPS Glow is heavily influenced by the viewing angle. For example, I adjusted the height of my seat/screen and the angle of the screen slightly to the left, and I saw improvement. Even if I sent the monitor for replacement, I would still get a screen with the same or even more IPS Glow.
B) Pixel Inversion: It exists to a small degree (slight flickering in specific gray colors, etc.), but you will only notice it in tests. You have to search for it to see it. If it was more noticeable, I would send the panel for replacement.
The price is high compared to a 32 1440p 60Hz monitor. Of course, besides the Hz, here you pay for good build quality and connectivity, but it's still a lot. I bought the monitor because my old one broke and I needed a new one. If I had a slightly inferior one that still worked, I would seriously consider whether to buy it or wait 1-2 years for prices to drop or new technologies to come out.