Wow, that stinks. If you are using your monitor for mainly browsing the web, you can adjust the text size in Chrome. However, if you like your resolution better lower, where you are able to read the text, just leave it that way. I don't think the monitor will mind if you aren't using it's full potential.
If you are using for a program that requires that resolution, such as a game, it shouldn't have too much of an effect as the game should have it's own scaling. Also another reason I think your iMac's display looks good, is because those monitors are optimized for the iMac itself, so it has it's own tricks up it's sleeve for text readability.
Have A Great Day!
Anthony