LCD Monitor vs. TV: Which should I get?

So, I guess it’s finally that time where I’m looking to pick up a new monitor, but I’m thinking about basically using it as a TV for my living room, kind of like what my buddy does. If anyone has any decent suggestions for a setup like that, please let me know... thanks a lot.

Hey everyone, I'm looking to pick up a new monitor soon. Honestly, I don't really care which retailer I use, but I need to make sure the quality is actually decent—definitely looking for Full HD at minimum.

Also, just one more thing:

WHAT ARE THE ACTUAL SPECS YOU SHOULD LOOK AT TO TELL IF A MONITOR IS ANY GOOD???

Let me know... urgently! Thanks.