You might not like it so much with a ps3 connected. Even though ps3 advertises their games as 720p and 1080p, they're almost always upscaled from a lower resolution. For instance, most 720p games on a ps3 are really 540p.
This topic has spawned many threads on here and the general consensus is that is not worth it and/or not possible because any solution would be quite expensive and would lag an unacceptable amount for playing games.