I have had the same problem with my VooDoo 3000 running a ViewSonic A90 19". The colors would stay at 16 bit, but the resolution would only go to 640-480 when I wanted 1074-768 and could not be changed by resetting.
I switched to VGA and reinstalled the VooDoo drivers from the CD and that fixed it.
I was baffled by the cause until I read what Breaker78 said:
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Well, i know that windows sometimes detects what you have for a monitor, and the voodoo3 drivers may "automatically" lower the resolution if it can't detect a monitor that can support the higher resolutions. Just a hunch. >>
That got me thinking of a special instruction from page 6 of my ViewSonic manual:
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Power on monitor then computer >>
Could it be if monitor is off, Windows can not get instructions on start up?....hmmmmm...
I will be following that instruction from now on, I'll report back on the result.