So far there are only two downsides. One, you are limited to the consoles you can attach, but a switch or a cable box with inputs will fix that. So fa...
LCD TVs have come down in price, but not enough. If you have a cable box, than your tv tuner is in the that box, not in the tv, so then why buy a tv with a tuner you will never use? Believe it or not you can save almost $200 when you buy a computer monitor instead of a tv.
Step 1: Make Sure You Have All the Necessary Things
To start, make sure that your cable or satellite provider offers a cable box with DVI or HDMI output. Next, you need speakers. Any kind will do, but it needs to accept RCA audio cables (or digital, whatever kind of sound cable your cable box uses). I used a small sony stereo with a remote. If you picked a cable box with an HDMI output you will need an HDMI to DVI Cable (If your monitor has HDMI input you don't need that, but most do not).