I have L557 for a month now. I tried fast games (UnrealTournament,NHL2004,NFS,Star Wars Galaxies) and it performs perfect for me. Movies are cool too.
Before L557 i had a CRT 15" and don`t wanna to go back to CRT technology.
As for TV.. if you will connect a tv tuner to it it should work (quality depends on tv tuner).
I use Nvidia drivers which have support for LCD, graphic card always send picture in 1280x1024 to LCD and it looks very good for me even when game itself runs on 640x480 or 800x600 🙂