We just got the older spec 225bw, and it takes 1920x1080p signal and makes it look very good in its 1600x1050 resolution (decent scaler). The only niggle is that it keeps warning you when your PS3 switches to a resolution other than its native resolution, that the currently resolution isn't 'optimal'.
Other than that though it looks great, DHCP works (i.e. I can playback 1080p BluRay discs), and I use a simple DVI-HDMI conversion plug. We bought it for the PC, but I consider it an added bonus that I now have a second PS3 capable screen in the house, so if I need a longer session on the PS3 out of the living room, this is an option.
But I've also come to realise that for many this means a cheap hi-def screen is actually available for a decent price. This 22" screen cost us 299 euros (I remember I bought a 14" .25 pitch Seiko or something 20 years ago for double that, though hey, it still works!), and I'm sure you can get it for less in the US. Good news, all in all!