not sure..i haven't done enough research into it to be able to tell...but looks good for the price

Yes It is but I don't know the company and I don't know if their products are reliable.

Judging by brand, size, price and specs; NOOOO!

No. Make sure you get one with 1080P as they are becoming more common and cheaper. If anything wait until they are within your price range. Here is a decent deal though it is bigger then you want, more expensive and it is refurbished.
http://www.tigerdirect.com/applications/SearchTools/item-details.asp?EdpNo=3334041&Sku=V25-4222&CMP=EMC-TIGEREMAIL&SRCCODE=WEM1550C

What is wrong with the specs. I don't know these things, so more detail would be appreciated.

Btw I should mention I have only like 550$ to spare.

I dont trust SOYO, so I will say No good, you can fins better offers on others brands. LG is cheap, try finding some prices.

 Low contrast and dynamic light range, low res, even though 1080p is kinda wasted on such a small screen... Response time is also horrid, and will most certainly lead to ghosting or so called "pixel hickup's" where some pixels lag behind others. Colour count is also very low (most modern LCD's have in excess of 1 billion). Look for either Samsung, Sony, LG or Panasonic, those are my best tips across size and cost!  

If you're gonna get an LCD, don't go cheap.  What's the point of buying an HDTV if it looks like crap, comes with a bad scaler, and turns yellow after a year?

If you're going to get an LCD, I'd recommend sticking with Samsung or Sony.  Or Sharp if you're low on cash.