What's better for 360 and PS3 gaming: An LED TV or an LED monitor?

For my 360 and PS3 gaming set-up, I'm debating between the following two options - which do you think is better for optimal gaming:

-1) I can get an LED computer monitor to use for both my computer (generally web surfing and Word document work) and for my consoles (for example, this:http://www.bestbuy.ca/en-CA/product/samsung-samsung-syncmaster-24-widescreen-led-monitor-with-2ms-response-time-bx2450-bx2450/10146866.aspx?path=008c1f56f580220d33e49f58619164e8en02)

-2) I can just use a standard monitor that I already have for my computer (which is fine as I just use my computer forweb surfing and Word document work) and get an LED TV just for my consoles (for example, this: http://www.bestbuy.ca/en-CA/product/samsung-samsung-32-720p-led-hdtv-un32c4000-un32c4000/10140320.aspx?path=d468ed7f92c67b0b05d6135014de2f09en02).

Some factors that I am considering are that getting a monitor for my PC and consoles is much cheaper and saves space and it will have a better response time (2ms compared with the LED TV's 6ms) and higher resolution (for LED TV's I'm looking at 720p ones while a monitor will be 1080p), however, an LED TV could potentially be better since consoles are meant to be played on a TV and not a computer monitor.

There is also a third option where I get an LED TV to use for consoles and as my computer monitor, however, I'm worried the resolution (720p) will be crappy for my computer use and I would need it to be 22 inches if it's going to be on my desk for use as a computer monitor, which limits me to this 22 inch LG LED TV: http://www.futureshop.ca/en-CA/product/lg-electronics-lg-slim-22-led-hdtv-22le5300-22le5300/10141453.aspx?path=f240aa0da46b409a09d20bbc47ed3f49en02

I am also wondering if the screen ratio will be screwed up using consoles on a computer monitor (e.g. will the sides be cut off, or is there a way to create black bars on the top and bottom to correct this)?

Also, all the LED monitors I can find have only 1 HDMI port, but I've got a PS3 and 360 to hook up (I can hook up my computer using the D-Sub) which is a problem - are there HDMI splitters I could buy?

Thanks for any advice.

720p is a crappy res for PCS.

I have a 23" LED monitor from ASUS excellent monitor and planning to hook my 360 in it soon. Only has 1 HDMI port though. Alot of people seem to like the picture of a monitor over a TV.

If you need something thats under 29" go with a monitor. Monitors will crush the TVs you find in the same price range in PQ, but not usually inputs. You could always go to monoprice.com to get your HDMI cables and switches (Not splitters thats a no-no.) If you need something larger, go with the TV from a good brand name.

TVs and monitors are the same damn thing. Its just what companies market them as and what inputs they put on them that makes them different. 720p won't matter if you're sitting at a difference.

Those are outrageous prices, this: http://www.amazon.com/ViewSonic-VX2250WM-LED-21-5-Inch-Widescreen-Integrated/dp/B003HFCDLY/ref=sr_1_1?s=electronics&ie=UTF8&qid=1282776563&sr=1-1 I got one and so did my roommate at school, they look amazing in 1080p. You cant go wrong with one of these.

I have both; a 23in Samsung 1080p LED/LCD monitor and 37in Panasonic LED/LCD 1080p HDTV. Games look spectacular on both. The difference is the 23in monitor cost $300 and the 37in HDTV cost $750.

In terms of performance they both offer spectacular and razor sharp picture quality, no game input lag, no ghosting or blurring of fast moving images.

I use the 37in Panasonic as a pc monitor....its just perfect in every sense of the word.

The 23in LED Samsung is 16x9 so console games look just fine, no stretching of the image.