There are virtually no differences between refresh rates and response times between Monitors and TVs now.
That used to be the issue 3-4 years ago but it has vastly changed with all of these new TVs.
LED TVs will be the closes thing to monitors, however, if you want a more pure image then Plasma TVs will give you a more true, balanced color.
Whereas LED will be brighter and more like a Monitor.
The 1ms, 2ms bs doesn't even matter for Xbox/PS3, they won't tap into that capability and most TVs are 2-5ms nowadays anyway.
Basically the difference between Monitors and TVs is whether or not you want to look at a large image or focus on a smaller one. It's all preferential.
Plasma TVs will get a MUCH better range of colors and a MUCH better range of blacks and greys. LED Monitors or TVs will be better for white levels though.
As for the Monitor you purchased already it's perfect for what you're trying to use it for. Also, if you want a deal on Monitors, Mounts or TVs PM me. I work in electronics
This post was edited by Kellie on Jan 20 2013 03:15pm