That's piss poor, don't bother buying it. The 800:1 contrast sucks. You'll have to use it in a dark room or the image will look dull and too bright all the time. The response time of 5ms is on the high end, not great, I'd want 2ms.
You don't need to get a TV for this.
Get an LCD monitor. It'll plug into your PS3 too. You can get a nice 24" for that price range, with true 1080p capability, way better contrast and better response time. Hit up NewEgg.
I'd only get a TV if you were looking at above 30" on screen size.
Obviously you are looking for small and cheap, since your PS3 costs more than your display. So look at PC monitors instead. It'll do the same job and have a 2nd use instead of just being a sucky cheap TV.
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