I'd go with a monitor. Though projectors are nice too. But for everyday use monitor is much better. We have a projector, well actually my stepfather's company has one, but it's almost the same thing since he can take it home when ever he wants to. But we don't use it much, it's very useful in some situations, like last christmas we had quite many relatives at our house, and ofcourse we had to show them lot's of pictures. So there the projector was very useful. And ofcourse it's good for keeping presentations.
It's not too bad to watch TV from it, but I prefer to watch TV from a TV.