if you use it for MAME you will not be able to display the games in their original resolution.
therefore MAME will have to stretch the image to fit the screen. it will still look good, but some people are sticklers with having it run in the exact same resolution as the game was originally.

the only way too see if you will like it i guess, is to hook it up and try it. but according to the TV instructions the only resolutions that port can display is 640x480p or 1920x1080i it may do others... hard to tell.
all you can do is try. but yes you should be able to just plug in a regular old VGA cable to it, set the windows resolution to either 640x480p or 1920x1080i and give it a try.