to clearify a bit. the xbox has no sync signals that can be output on seperate connections on the cable. RBG needs several connections, R,G,B, a vertical sync, a horizontal sync, and several grounds. The xbox has no sync signals that are seperate because it includes both H and V sync in the Green signal. So with the modified bios, the xbox outputs the RGB signals but still includes the sync signals in the green signal (SoG). but since many monitors dont support this, a sync seperator will pull the H/V sync signals from the G signal.
there are i think ways of pulling the signal off the motherboard, but i haven't tried and i dont know how successfull they were.
LCD monitors are in general not as generous with displaying odd resolutions (like 720p). my 19" LCD displays fine in 480p, but can't deal with the other resolutions. Its an Aopen one. You're probably better of with a decent CRT since you might be able to get 720p, and you'll most likely get a good 480p signal. The best monitor i've seen was a budget 15" monitor that could display all the resolutions perfectly.
Good luck.