(dogman, those are tv's <grin>)
Yes you're thinking should be correct BUT you will will have to be in "native' mode and remember that you will not get a 1080 picture unless you use an HDMI cable with the PS3. I'm not sure if its the 360 or the PS3 that actually needs to be put into 1080 mode; i *think* thats the 360 thou and the ps3 does it automatically with the hdmi cable.
Have you tried native mode on the 220HD? it should render nicer but you'll have parts of the image you wont be shown since the native resolution is only 1680x1050.