I have a 24 inch "4k" monitor. (its actually Quad HD, but thats another issue for another time)
My machine is a shit salesdroid spec dell optiplex 990 (again another issue for another day)
But, why did I opt for a 4k monitor? because I can fit more text in.
Its really that simple. Right now I have a browser window, IRC window and four normal sized terminals.
The size of the text is pretty small, but not tiny. The average letter size is 2mm, which is the same size font as the financial time's article text.
to answer your other question, the effect on my eyes is the same as reading a newspaper all day.
edit: this is my monitor: ViewSonic VX2475SMHL-4K ($370 from new egg)