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I've been using a 16:9 HP LCD for my PC since 2007, it replaced a 21" Sony Flat CRT.
Like Andy I wouldn't go back, I don't miss the 80 lb space hog at all and this LCD is clearer and sharper than the CRT.
If there's a drawback it's that your stuck with one correct aspect ratio but you can compensate using Windows settings to make Text larger.
As for LCD TV's I think you get what you pay for, a 32" Sony Bravia HD is going to look pretty darn good, a (in the OP's words) Cheap SD Magnavox (Funai?) isn't.
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