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Buy a 1080P 40" LCD TV and use it as a computer monitor?

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Recently I have noticed that some smaller brand 40” LCD TVs (1080P) are priced as low as $299 each.
I am very tempted to buy one and use it as a computer monitor. I think I can use HDMI cable for connection.
I currently use a 24” LCD monitor however I already find it too small. I watch movies and play online games quite often, using my computer.

Does anybody here have the experience of using 40” LCD TV as a monitor?
I am sure there is something I overlook because people are paying the same amount of money for 27” monitor. So, what is it that I missed here, is it going to be very slow? Or is the picture quality going to be very bad? Please share your experience. Thanks everyone who joins this discussion.

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