GUYS!!! And Gals :D I am happy to report that I received my $20 Monoprice DP->VGA Adapter. And it works! At FULL 1920x1200 RESOLUTION! I was really worried after reading reports of high resolutions not working properly with these adapters, but this one works almost perfectly for me! I say almost, because I do get the flicker issue that many people have reported - but the same issue has been reported on the expensive DP->DVI adapters as well. By flicker, i mean that once every once in a while (seems like every 15 min or so) the screen will flicker black for a moment, as if its lost signal, and then return to use. Games do NOT lag when this happens, so I'm not too concerned about it - hopefully ATI will fix this issue in a future driver release.
Here's the adapter i purchased:
http://www.monoprice.com/products/product.asp?c_id=104&cp_id=10428&cs_id=1042801&p_id=5135&seq=1&format=2
And some screenshots of the final setup! Those are 3x Dell 2405FPWs, attached to a Radeon 5850.