Playing console games on an imac

I've been thinking about getting the requisite cables for connecting my PS3 to my imac. I want to save some room on my desk and it feels like a waste to have two monitors.

Is this a good idea? Does anyone know if the video comes out looking okay? Or would the process be a huge hassle?

This video discusses a way to do this, but it seems... questionable. Like he's just advertising his eBay auction.

If that's the only way to do it, I dunno if it's worth it. 200 pounds is a lot. The video quality does seem pretty good, though.