To utilize the screen? You can get an Elgato tv tuner and use that. I have a friend that plays his games through his tv tuner, works well and saves on having extra screens.
The EyeTV is okay for porting TV or cable onto the iMac, but with the PS3 you end up losing so much resolution that I'd suggest buying a 24" hdmi-capable LCD monitor (200 bucks on newegg.com), rather than shelling out $90 for the EyeTV.
Hey BlueToothTony, this sounds awesome! Can you describe a bit more your experience with this? Currently I have an Apple TV and it's a PAIN to convert all my movies from MKV format or DVD format into the MV4 apple format.
Will I really be able to stream all my movies without conversion anymore?
How's the performance?