For all intents and purposes, on current video set ups (HDMI or DVI), PC displays and HDTVs are interchangeable.
Plenty of people use their HDTV as a secondary or even primary monitor (assuming they sit back further than normal computing distances) and plenty of people use PC displays for consoles like the PS3 and Xbox 360.
Lower res HDTVs (1280x720, 1320x768) on the other hand, are not ideal as PC displays due to the lower desk top/window space, but they still give you the convenience of built in speakers for consoles (some PC displays have these as well) as well as a TV tuner (even fewer PC displays have these as well).
Case in point; I keep a gaming PC and several consoles hooked up to a 1920x1080 HDTV, and a second PC and another PS3 hooked up to a PC display on my desk.
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