The Viewsonic 171b is supposedly based around an 18-bit panel (capable of display 262k colours) - the almost ubiquitous AU optronics 17" 16ms panel.
Since the critical component, the digital-to-analogue converter is integral to the panel unit the monitor OEM has little ability to override its operation. Dithering colours would theoretically be possible, but I've not inspected enough LCD monitors to see if it is done.
It's worth pointing out that Viewsonic never claim 16.7 million colours displayable, only that 16.7 million are 'supported' - presumably referring to the input.
Many LCDs do use 24-bit panels so can display the full gamut of 16.7 million panels. A new panel built by Sharp offers 30-bit colour resolution - however, the overal monitor only supports 16.7 million colours - DVI is limited to 24 bit colour, and the analogue input is sampled at 8-bit resolution - however, the 8-bit input is converted to 10-bits which allows for more accurate colour, contrast and gamma correction adjustment.