I say steer clear because my experiences with off-brand TV's are less than positive. That is not to say it's not a good TV, it may very well be decent for the price. However, in the event of any sort of issue with it i'd think that you would have a hell of a time getting it warrantied. I'd personally opt to wait choosing between that tv and no tv, even if that meant no gaming in the interim.
if i were you i'd have a look at some dual-use monitors
(can be used a computer monitor and for console gaming, or for watching tv). if i were on a budget i'd get something like this:
http://accessories.dell.com/sna/products/Monitors/productdetail.aspx?c=ca&l=en&s=dhs&cs=cadhs1&sku=320-5647
has vga, dvi, s-video, component and composite inputs among others.
i'm not sure what is available that is similar in europe, though.
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