well since, you asked for me to post my results. I have a PC that is about 4 years old. However, 2 years into owning it, I decided to upgrade the GFX card. Didn't really know much about hardware back then. Just picked something that looked good. Turns out I got an ATI all-in-wonder.
So, I just set everything up with that, hooked my PS3 up to my PC and it works great. There is about a half second lag between what I do with my controller to the monitor. Not a problem for now. Until I start to really get into recording footage that is.
Weird thing is, I looked on my TV and it doesn't have a video out. no idea why. it has audio output, but no composite or s-video out.