I have found that one major(ish) setback to the TV option is that there is usually considerable overscan on TVs, meaning that the picture is initially too large for the screen.
Adjusting the picture size is sometimes easy, sometimes a real pain, depending on your particular TV. Sometimes there is a hidden 'software' service menu, which will enable you to do the adjustments, and sometimes you need to fiddle with internal pots on the TV PCB/carrier panel. How to access the service mode of a particular TV can be quite hard to figure out, and service manuals are not always easy to come by...
On the good side, though, it seems there is hardly ever any sync problems with TVs, whereas some arcade screens (from what I hear) can be troublesome to get just right for all resolutions.
Also, automatic power-on after a power-outage may not be possible for all TVs....
TVs generally look just as good as arcade monitors (i.e. absolutely fantastic), but I suggest you try the TV you have in mind before committing (if possible).