3840x2400. I paid the equivalent of 1800 USD to buy, insure and import two IBM T221s in very good condition into South Africa about a year ago. They're pretty interesting displays and quite complex to get up and running optimally even on modern hardware.
My buddy imported 3 others along with mine. All 5 displays have a strange blue glow exactly in the centre of the screen when the screen is displaying pure black. It's completely unnoticeable except when you know what to look for. One of the displays needs a 60mm fan replaced -- each monitor comes with two such fans, and the display is rated at 150W power consumption. Seems to keep the room quite warm :)
If you want to run just one at 3840x2400 @ 48Hz you have to spend extra for another set of cables and have a graphics card with 4 DVI ports (good luck with that), or order some of the newer specialist cables that allow you to get away with a pair of dual-link DVI ports. Your graphics card needs to support a Single Large Surface mode to present the virtual panels (4x1920x1200 or 3x1280x2400) as a single high resolution panel (3840x2400).
Furthermore, if you're working with animations (video, games), whichever graphics card you get needs to support frame lock across the display ports otherwise you will experience tearing across the virtual panels. I believe NVIDIA only supports this in their higher end workstation graphics cards, or across multiple cards in SLI. For this reason I went with ATI's Eyefinity on a Radeon 6750/6770.
Working with photos from my DSLR at full resolution on these two monitors is well worth it though :) (That being said, Windows application support for high DPI is unfortunately a bit pathetic.)