PS3 monitors?

Hey all!

I have a bit of a dilemma. I have a 40" LCD TV with a Playstation 3 attached to it via HDMI cable. This work fine but if I'm playing the PS3, the family cannot watch TV. I have a regular desktop PC with an LCD Acer (AL1715) monitor plugged to it. I want to be able to plug the PS3 to a monitor so that I can play games while the family enjoys the TV. I was thinking of replacing my Acer monitor with a small 20-22" TV but friends have advised against it saying that the picture quality might get annoying for work use. Thats fine with me because I'm on a budget here. So will a decent monitor will do the job? From what I've seen online, I need a HDCP compliant monitor so that I can run an HDMI > DVI cable from the PS3 to the Monitor. Oh, the thing is that I have a desktop with VGA outputs. My question is, does anyone know of a good monitor with decent response rates, 20-22", that I use with my desktop and PS3 (VGA support and HDMI / DVI support).

I was looking at Acer 22" LCD Monitor P223WAD (http://www.futureshop.ca/catalog/p [...] 088&catid=) or the Dell Ultrasharp 2208WFP (http://accessories.dell.com/sna/pr [...] u=320-6107).

Alternatively, can anyone suggest a decent way for me to use the PS3 with my current monitor?

Any help is greatly appreciated.