Probably not quite as good due to lower pixel density, but I wouldn't go as far to call it horrid. If it is between a 24'' monitor and a 32'' TV, I take the latter. Having lived with both, I have an overwhelming preference for the latter. A 30'' monitor and a correspondingly powerful GPU would be nice... if I were a millionaire that is

A minor note is that some people prefer IPS-Alpha to H-IPS. The former is only available on TVs.
Not only do aspect ratios get fubered up
All LCDs out there are either 720p or 1080p to my knowledge (16:9). The trend in monitors has already shifted from 16:10 to 16:9, so TVs and monitors are hardly different in this regard. Most modern games support 16:9 just fine. For games that only support 4:3, my panasonic has an nifty toggle button on the remote, a luxury my previous monitor did not have.
the FOV in games is terrible.
How is it any different from a monitor of comparable size?
TV are not meant for gaming with video cards. If you want to game on a tv leave it to a console.
Nothing that I am aware of makes TVs inherently poor choice for gaming, except maybe the fact that TVs tend to use VAs more often than the monitors and have some input lag. Still, there are plenty of monitors out there with horrid input lag, and also TVs can have low input lag as well (like the one I have).