If you're not using pressure sensitivity you're really missing out. A touch screen monitor won't have the same level or accuracy nor sensitivity to your exact movements. For that reason I wouldn't recommend it.
I actually have used a touchscreen laptop with a stylus. It belongs to a friend of mine. If you really want to look at some, check out the HP Touchsmart tM2. The stylus does have pressure sensitivity and works with a variety of products. I'm pretty sure the cheaper ones are about 500-600$. The only big con is that it has a small screen.
The Cintiq is probably much bigger, more professional, and has more pressure sensitivity.
No No No No No......Unless the Monitor is designed for Pen use with an active digitizer.......A touch screen monitor is a bad idea for making art on.
Don't get me wrong its certainly.... possiable.....kind of....but most Desptop apps aren't exactly fine tuned for touch in the same way that Ipad or Android Apps are. And given how many "Touch Only" screen monitors there are nowadays (thanks to Win 8) from so many different vendors....the actual responsivness will vary greatly. A Capacative Stylus works ok on an Ipad....but I've had other capactive based tablets and displays where it doens't work nearly as well.
If your looking for a more affordable alternative to a Cintiq...I'd recommned checking this.