I actually worked out that for what I wanted I could save money doing things the other way around. I wanted an HDTV, but was not overly impressed by the prices, so I got myself a 24" 1080p iiyama monitor and a freeview tuner box (digital terrestrial for the non-brits), making sure that both had HDMI ports. The monitor does have speakers and gets the signal through the HDMI, but I used the phono outs on the tuner to go through my hifi. It's not the tv in the lounge, so 24" is fine, but you could go for a bigger screen if you wanted.
I don't know whether there are big differences between the ways of quoting refresh rates, but mine was quoted as 5ms (because it is a monitor), which should be 200Hz, I would think, but they could be referring to different things, so don't just take my word for it. Whether that matters probably depends on what you want it for: just doing things in SU it shouldn't be an issue, but if you like to play fast racing games and things too, then I would go for a faster screen.
I'm not an A/V engineer or anything like that, so I can only talk about my case, which is that it still works (very nicely) as a high spec monitor, but is also a pretty good tv and a great screen for my xbox 360. It is only very slightly more complicated than just buying a tv off the shelf and is probably easier if you also want it to be a monitor, I don't remember the figures, but I think it did save me a fair amount, especially through shopping around.