Hi, I'm using TVs as monitors and maybe I just chose the right ones, but I have no issues with them and they behave very similar to normal monitors.
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- input lag time (game reaction time, anything over 16ms is bad)
Yep, they have input lag, but that's really a personal thing. Some people cannot play on other than CRT or very, very fast LCD panels. I can feel the difference between CRT and my TVs but it's not bad at all and when I don't compare them I cannot see input lag and it doesn't make the experience worse.
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- Edge Lid (light leak by the edges) vs Direct Lid (good)
Almost all LCDs use edge backlight. Edge is in both monitors and TVs. Also those "leaks" are not caused by backlight. Even old CCFL LCDs have had that problem.
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- LED (real black) vs LCD (washed-out black)
There's no such thing as LED monitors. There are CCFL LCD and LED LCD. Both have washed out blacks, although LED backlight is much, much better. The main difference is in panel type, and to be honest it's much easier these days to find IPS or VA panel inside a TV than inside a monitor. There are OLED monitors and TVs coming (and they'll have true black) but it's going to take a while.
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- color reproduction
This one depends only onpanel type. You can get TN, VA or IPS in monitors as well as on TVs, so color reproduction is not different between TVs and monitors.
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- Overscan issues
Depends on a TV. Most doesn't do that, and in most that do its an "easy fix".
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- needs to configure HDTV to PC mode, or Game mode
You can play on whatever mode there is, only there'll be much more input lag. And "configuring" tv to pc or game is straight forward (like 3-4 steps).