The other major stumbling block is the viewing angles on these monitors can be pretty poor.
If you use it in a living room, where people aren't sat head on to the display, you can get some very odd looking pictures.
Try going somewhere they have monitors on display and look at the picture from a side on angle and from above and below and compare this to a "proper" TV.
As above I would sugget getting a proper TV instead of a large TN panel monitor - for your uses.
Something like an LG 32LD450 would be an excellent option and costs less than the 27in Iiyama. Also, it has two HDMI ports (so you can use the TV's onboard speakers easily with both the PC and Xbox), decent speakers (for a tv of it's size and price), either an S-IPS or AMVA panel (both very nice image quality) and very low input lag. Hence, it is not only bigger and cheaper than a 27in TN monitor - but also higher quality and better suited.
Personally, I have a 32LG450 which I bought new for £219 a few months ago (I received an S-IPS panel one). I currently have it hooked up to my PC as a secondary monitor and for playing videos - once properly setup (some very good info on this in the above thread) it looks absolutely fantastic.
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