It's not terrible, but as I have worked on this specific model, it struggles to do even the lightest of multi-tasking. For example, listening to a song and opening up Microsoft Word is going to take at least 2 minutes. In my honest opinion, and do not feel pressured by this at all (mainly because I expect a LOT more from my computers) it is like flushing $350 down the toilet. One repair on the computer is going to equal a nicer, longer lasting computer. If you do decide to go with it, then it will do what you want for now, but it is not dual core as GT wants, and the technology, though released earlier this year, is about 5 years old.
So here's the facts:
1. The processor is single core (means multitasking is a no-no)
2. The computer costs more than half of a nicer one that gives you:
A) Microsoft Office installed
B) A much better processor (dual-core, and more L2 cache)
C) More RAM for a power hungry Vista (less than 3 is not a good idea)
3. At most, this computer will suit your needs for the next year, though this may be enticing, my experience of electronics (which is VERY large) dictates very few things but they include:
A) If you can buy a computer, socks, and food at the same store, then you are shopping in the wrong store for electronics.
B) Don't buy to suffice, buy to satisfy.
If you are fine with A and B and still want a Celeron laptop, then you will probably be fine, but I can tell you that almost a year and a half ago, I got a laptop for $293.99 that had a dual-core processor, 1 GB of RAM, and Vista Home Premium. RAM costed $25 to get to 2 GB of RAM and it is already on it's 3rd hard drive. I sell lots of laptops like these per week, most people either replace it in a year with another $350 laptop, which in four years = $1400, or they return it because it's so god awfully slow.
As far as your TV/Monitor situation goes, you can either get a laptop with Vista Home Premium, buy a $75 TV tuner card and use it on the laptop and the monitor, or you can get an HDMI compliant monitor, and rent an HDMI capable TV tuner box that will display on the monitor. Not many monitors today will get you the capability to tune TV without spending the same as a TV.
The X-540 speakers are quite nice, but I found that the wires get tangled up way to easily. What I would recommend is the X-240's from Logitech as they will be a bit quieter, and are a little bit easier to move around your dorm room.
The PSU you won't be able to find much cheaper, and I usually go with Antec for reliability. Everyone will have their own opinion though.