I bought a cheap 32" 1080p LCD TV for use as my primary display and I'm happy with it so far; the main things I've had:
using VGA output sucks - I never really noticed a difference between VGA and DVI on my 22" LCD, but on this 32" LCD the colours are washed out and the text a little blurred (you see this most with red text). Using a DVI - HDMI adapter with a HDMI lead is fine. This could be VGA itself or just an issue with my cheap 32" panel.
The pixel size is fine for me, but even at 1080p resolutions in games Anti-Aliasing is still needed.
I run mine with a DPI of about 125 (as opposed to Windows's standard 90dpi) so I've upped the font size a little.
The rational for getting a HDTV was that it was practically as cheap as the cheapest 26-27" 1080p monitors were - so I opted to just go for a 32" HDTV.
I have bad eyes (bad eyes at 24 years old!) and I get headaches, I find the further away I sit from a display the better.
A few other users wonder how I can even use a display and font sizes so large. I wonder the same when I sit at their 19" displays set with tiny little fonts.
I also bought a wall-mounting kit, but the kit I have is meant for standard monitors - a standard VESA mount will not fit a HDTV as the HDTV mount holes are spaced much further apart. (you can actually tilt a vesa mount sideways and use the two top holes on the HDTV to bolt onto it... but I don't fancy having my display falling off of my wall) Bit of a dumb mistake to make on my part. :)
You will need to buy a specific HDTV mount.