Thanks for the info stormy! I hooked everything up today and it works pretty well. I took your advice AddRAM and just hooked up the monitor via DVI (because it doesn't have any speakers) and hooked the TV up via the HDMI cable because I wanted to use the TV speakers. I just did what you said stormy, and manually switched between the sound card and HDMI cable for sound, which isn't as bad as I thought it would be.
It is a pretty sweet setup. I have the TV mirrored so my computer / programs aren't freaking out about an extend display. I also ordered one of the mini Rii Bluetooth Keyboard / Touchpad remotes, so I can get full functionality of the computer while on the couch.
Thanks for all the help and advice guys! You made it a lot easier.