The ATI AIW 9700 Pro loses the second monitor output. This means you can only connect to a TV or HDTV device (or a multistandard monitor that offers a composite input).
I have tried connecting to an HDTV, but if you want to use this as a monitor I can only describe this option as minimally adequate. But it does playback DVDs very nicely indeed.
So the answer to your question is yes. I think ATI were running out of real-estate on this card, but what they've managed to achieve is very remarkable. Also, the video-in has much better contrast range that anything I've seen from nvidia (I have a Gainward 4600 750/Golden Sample).