The problem with a 32" for that cheap is you won't be able to get a 1080p, and IMO, that is a must to use a TV for regular PC use. Lower resolution is alright for gaming (I say alright because it still won't look the same as a higher resolution TV), but for doing anything else, that 720p resolution is pretty limiting.
You have a 19" monitor right now, so I'm assuming if it's widescreen then it has a res of 1440x900. A cheaper 32" LCD TV has a resolution of 1366x768 normally. Although you're gaining 13" of size, you are actually losing around 20% actual screen real estate that you can see and use.
Anyways, I know people who use that resolution and don't mind, I just say that if you have the option to wait a bit or save a bit of money, I would save for a 1080p monitor. And I guarantee you that your 4850 will run any sim out there right now at that resolution.