Hehe, ever heard of DVD-ROM drives?
Buy yo'self a 25"+ monitor, a 64 MB DDR video card, and a great sound card, and go crazy!
You guys are turning the computer into the TV... but the question was more to the functionality of the TV than the physical TV.
But yeah, i would choose a computer over a TV... there are other things you can do with the family like taking them to the theatres, or family outtings.
And i know i would much rather have my kids be on the computer for 3-4 hrs a day than watching TV for 3-4 hrs.