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With some sort of TV tuner/input yes it's perfectly possible. I use a 2005FPW as a TV with a Mac Mini and an Elgato EyeTV device...
 
Yes it'll work, I use a 2405FPW with an Xbox 360 as a TV.

You'll need some sort of TV tuner or set-top box to connect up most likely via S-Video or Component. The aspect ratio of the Dell is 16:10, widescreen TV is 16:9 so you'll end up with small black bars at the top and bottom of the screen unless your TV device has a zoom or aspect ratio adjustment function.
 
I have my 2405 hooked up to my blackbook, my iMac and my 360
I use the Elgato EyeTV for my TV use and it's fantastic.
 
I'd be very careful before buying the Dell 2407. I too am looking to get a screen in that size range, but there seems to be many problems with the new model (apparantly, the last one, the 2405 was good). These range from bad colour banding (which some say still isn't fixed), to the cursor leaving coloured trails behind, to the component input being of very low quality. If they were to fix all of these, I'd gladly consider the display. As it is, the problems with this, and some of the Apple ones leads me towards higher-end manufactures like Eizo.

Anyone want to buy a kidney?
 
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